If you’ve purchased your home with an FHA loan and you haven’t looked into refinancing, you could be spending more money on your home than you have to. FHA interest rates are at the lowest point they’ve been in decades, so refinancing now could help you save thousands of dollars over the life of your loan.
The government has made it really easy to refinance your loan with the FHA Streamline refinance program. Coastline Mortgage Consultants is your Wilmington, Raleigh and North Carolina FHA streamline refinance experts. We’ve helped many home owners save up to thousands of dollars a year in mortgage payments.
Like the name suggests, this new FHA process streamlines the whole refinancing process. Where traditional refinance often involves lots of paperwork, with an FHA streamline refinance a lot of paper work is eliminated, making the whole process a lot easier and less time consuming.
Not only are FHA streamline refinances often less of a headache, they usually also have a lot less fees associated with the process. The Federal Housing Administration recently lowered the fees to make refinancing that much easier for people who purchased a home with an FHA loan. If you are refinancing a $200,000 loan you will only pay about $20, instead of $3,500 in upfront mortgage insurance. The borrower will also only pay about $92 instead of $208 per month for annual mortgage insurance.
Another factor that makes an FHA streamline refinance cheaper is that often times it doesn’t require an appraisal as long as your mortgage payments decrease by at least 5 percent with the refinance. This helps homeowners who are upside down on their mortgages and may not have extra cash on hand. The FHA also does not require a minimum credit score for streamline refinances, which is perfect for homeowners who may not have excellent credit.
Even if you recently purchased your home, an FHA streamline refinance can still save you money. We make it easy for you to find out if it’s a good option for you with our Refinance Advisor tool. You can visit it by clicking here. From there we can start putting together a loan that meets your individual situation.
We look to hearing form you.