For homeowners who currently have an FHA loan, the FHA Streamline refinance could let you keep more money in your wallet each month with a transaction that’s been simplified. Some homeowners will find that they are able to lower their annual mortgage insurance premium, interest rate, and monthly mortgage payment all at once.
FHA Streamline | Oceanside Mortgage Company – An FHA streamline is a refinance option that allows the underwriters to reuse much of the information from the original loan. Only an existing FHA loan can be refinanced with the fha streamline refinance option. oceanside Mortgage Company offers the streamline refinance with No Closing Costs, No Appraisal Fee, and No Lender Fees.
FHA Mortgage: Am I Eligible for an MIP Refund? – FHA mortgage insurance premiums may be partly refundable. Your new loan carries a 1% premium (unless you choose a 15 year loan which is .5%). Multiply your new loan amount of $195,000 by .01 to get $1,950. Subtract the $1,950 from the $2,520 to get your refund of $570. If you were to refinance to a non-FHA loan or sell your home instead of choosing a streamline refinance, you’d get the whole $1,950 back.
You can choose to do an FHA streamline refinance with any FHA lender, or a conventional refinance. Refinance out of FHA into a conventional loan to drop PMI FHA home loans are great but you’ll be stuck paying mortgage insurance forever. once the loan-to-value ratio drops below 78% you can refinance into a conventional loan and not have to pay.
Mortgage Insurance (MIP) for fha insured loan mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.
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Refinancing an FHA loan with a "Streamline Refinance" usually requires less paperwork than refinancing a conventional loan and may not require extensive income and appraisal requirements. This process allows you to easily refinance your FHA loan to lower the rate or change the term from an adjustable-rate mortgage (ARM) to a fixed-rate.