Streamline property buyers are experienced professionals who can help you secure the home of your dreams more smoothly than traditional refinancing options. Their services may help secure you a mortgage at a more attractive interest rate or switch your loan term down from 15 or 30 years – potentially lowering your monthly payments in the process and saving money through avoidance of unnecessary appraisals, origination charges and credit report fees associated with refinancing loans.
Saving thousands over the life of your loan with a lower interest rate requires shopping around and carefully comparing mortgage rates. Thankfully, FHA Streamline Refinance makes this easier by not requiring credit qualification or appraisal fees – something particularly appealing to borrowers with low scores and limited credit histories.
Refinancing through an FHA Streamline Refinance can be the fastest and easiest way to reduce your mortgage rate quickly and cost-effectively, saving both time and money. Plus, it could even help you avoid annual mortgage insurance premium payments if done within three years of original FHA-backed loan origination! However, refinancing doesn’t eliminate mortgage insurance even if equity has built up since purchase; moreover it doesn’t eliminate annual premium payments either!
To qualify for an FHA Streamline Refinance loan, you must have an existing FHA-backed mortgage and meet certain guidelines. These include having been at least 210 days since your previous loan closed; making three mortgage payments on time in that time; lowering both interest rate and monthly payment by at least 0.50 percent; changing from adjustable-rate mortgage to fixed rate loan and decreasing monthly payments as a result of using FHA Streamline Refinance; etc.
At times, it may be necessary to requalify for your loan by providing updated income and credit information, particularly if adding or removing co-borrowers, switching the type of mortgage, or changing loan terms (e.g. increasing loan amount or lengthening term length).
Melinda Jennison, the Managing Director of Brisbane-based buyers agency Streamline Property Buyers, is dedicated to empowering her clients through informed property decisions. As an expert on Brisbane property market she won the REIQ buyers agent of the year award two consecutive times – she strives to deliver exceptional results both investors and home buyers alike through her client-first approach and experience in negotiations, auction bidding, contract management and complex contract administration.