F.H.A.
STREAMLINE REFINANCE
Streamline
refinances are designed to lower the monthly principal and interest payments on
a current FHA-insured mortgage and must involve no cash back to the borrower.
First and foremost, your existing loan must be FHA-insured, current, and
in good standing. The borrower must have opened the loan at least six months
prior to refinancing.
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
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The mortgage to be refinanced
must already be FHA insured. |
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The mortgage to be refinanced
should be current (not delinquent). |
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The refinance is to result in a
lowering of the borrower's monthly principal and interest payments. |
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No cash may be taken out on
mortgages refinanced using the streamline refinance process. |
Alliance Financial
Network offer streamline refinances in the following way. The "no
cost" refinances (actually, no out-of-pocket closing costs paid by the
borrower).
The program allows streamline
refinances to finance up to the original loan amount, but can not exceed the
original loan amount.
Some of the advantages of using the FHA
Streamline refinance program include.
Mortgage
payments will continue to be made and there will no interruption of mortgage
payments. However, after the closing
of your loan, your mortgage payment will be LOWER for the life of the loan.
Normally,
a loan will close at the end of the month and the customer will bring the next
month mortgage payment to the closing table.
To process your FHA streamline refinance we need you to provide the following. These documents can be faxed to our processing department. Our FAX number is 732-797-0414.
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Copy
of your drivers license & social security card |
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Copy
of the deed of trust / Mortgage |
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Copy
of the original Note |
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Copy
of the original Survey |
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Copy
of the first page of your Homeowners Policy |
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Copy
of mortgage coupon & customer service # |
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Copy
of HUD 1 "settlement statement" from last closing |
Or,
call ALLIANCE
FINANCIAL NETWORK today
and start saving money.
800-817-8743
