I think the most frequently asked question I am asked by borrowers is, "What are the closing costs?" In this blog I would like to discuss the charges, fees, points, etc., that are common with a simple VA IRRRL (Interest Rate Reduction Refinance Loan), more commonly referred to as a VA streamline refinance.
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Refinancing with a FHA Streamline; means that you are streamlining the amount of documentation you are required. Since you already have a FHA mortgage when you refinance into a streamline you would not be required to show documentation of income or have your credit run again.
An FHA Streamline is a great way to take advantage of historically low interest rates and lower your monthly payment because the process is simpler than what is required by most refinance programs.*Unlike a conventional refinance, an FHA streamline refinance may not require you to submit income documentation or get an appraisal.
Obama cuts PMI on FHA Streamline Refinances – Rates hit all time Low! FHA Streamline Refinance is an FHA Refinance Program that helps fha borrowers refinance without an appraisal, Income Verification, Closing Cost and no out-of-pocket cost and not to mention but super low rates. Some may also call fha streamline Refinance as an Instant Rate Re
Some lenders may offer a no-closing cost loan but this could actually end up costing you more in the long run so you should consider it carefully. The Bottom Line. A streamline refinance will most likely save you money if you took out your FHA loan before June 1, 2009 but it’s not a guarantee if you’ve got a newer loan.
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1) The FHA streamline refinance program. Started in the 1980s, the Federal Housing Administration (FHA) Streamline Program is the most popular of all streamline refinance options. You can get a refinancing of your current mortgage to lower interest rates, and potentially better loan terms, without the need for an appraisal or credit check