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What is the rate?
Rates are determined by the term and
type of the loan. Both FHA and VA have cost
restrictions that impact your rate. Many of the
costs the seller paid for you at the time of purchase
must be paid by the lender when doing a streamline.
Naturally, the less we are required to pay for you the
lower your rate will be.
Some lenders choose a cookie cutter
approach towards rates. This means you may be
paying a higher rate than necessary. We want to
tailor fit your rate to your loan. Your rate will
be calculated after we review your file and the costs
we will need to pay for you.
We believe this is the fairest option
for our clients. Who is
eligible for a streamline refinance?
FHA
-
The mortgage to be must already be
HUD insured
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The mortgage should be current (not
delinquent).
VA
-
The mortgage to be must already be VA
insured
-
The mortgage should be current (not
delinquent).
Is an appraisal required?
No, not unless you choose the
streamline with appraisal option.
Do I need to provide W-2's, tax
returns, check stubs or other income documents?
No, not unless you are requesting cash
out. You generally do not need to income qualify for a
streamline refinance.
Do I
need to send in my bank statements or account
statements?
No, not unless
you are requesting cash out. You do not need to
document assets for a streamline refinance.
How long
before I know what my new payment and rate will be?
Usually the same
business day you fax your documents in to us.
When do I
sign my new loan papers?
After your new
title policy is ready, usually 10 to 14 days
Where do I
sign my new loan papers?
Usually the same
title company or title attorney where you signed your
paperwork when you purchased your home..
Can I be
turned down?
Generally not if
you have made your house payments on time and are not
in a bankruptcy.
Do I need to keep making my regular
monthly mortgage payments while my file is being
processed?
Absolutely! Not paying your mortgage payment
could prevent you from refinancing. |
