FHA Streamline Loans
Our FHA Low/No Cost Streamline fixed rate of 3.500% (4.389% APR)* is near a record low.
If the interest rate on your current FHA loan is 4.000% or higher then it is a good time for you to refinance.
What is an FHA Streamline Mortgage?
An FHA Streamline Loan is a refinance loan that is designed to lower your monthly payments without the hassle of an appraisal. It is also designed to be much easier as it does not usually require the same extent of documentation that a regular FHA refinance does. For this loan to work, it must lower the principal, interest and monthly mortgage insurance portion your payments by at least 5%. This is usually obtained by lowering your rate by around about 1/2 percent.
Is an FHA Streamline Right for you?
- Is your current FHA loan rate 4.000% or higher?
If the rate on your current FHA Loan is 4.000% or higher, then it is a good time for you to look at this loan.
- Was your current loan taken out before April 2009?
If so, the savings are even greater. If your current loan was taken out before April 2009, the Mortgage Insurance on a new Streamline loan is much lower. You should call right away and take advantage of this..
- Do you need to remove another person from your mortgage?
When you took out your original loan, did you need help to qualify but now you qualify on your own? The FHA Streamline loan has an option that will help. If you now qualify for this loan on your own, you can refinance and have the other person(s) removed and get the same great rate.
- Do you have a lot of equity?
Due to the increasing property values, many homes have increased in value and a Streamline may not be right for you. If you are one of those lucky owners, it may be time to refinance into a Conventional loans to reduce or even eliminate the mortgage insurance.
Why Trust Granite With Your Mortgage?
We have the experience, very competitive rates and NO added Lender Fees! Don't be fooled by others that claim low fees, most of them are giving you a higher rate to make up the difference. We are FHA EXPERTS. Click here to read more about Brokers versus Lenders and how rates, pricing and service differ.
Use the request to contact us for a free, no obligation quote.
* Rates and APR figures based on Loan Assumptions found on our Rates page