Posted on: 14th Sep, 2010 05:53 pm
hello everyone, my wife and i currently have an $272,000 fha at 5.75 % frm for 30 years in a condo. our monthly payments are within our means however i keep getting mail from various lenders advertising 4.5 % rates while wanting to do a streamline refinance? can anyone describe to me what the benefits of this streamline would be? we have been living in our condo for over a year with current status on our payments.
Hi ninjaxpressions,
You will be able to refinance your mortgage only if you've equity in your property. Unless you've equity in your property, lenders will not be ready to refinance your home loan. You will be able to get a lower interest rate to pay off your mortgage balance if you go for a streamline refinance. However, you won't be able to take out cash if you go for the streamline refinance process. To know more about streamline refinance, check out the given page:
"http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm"
Thanks
You will be able to refinance your mortgage only if you've equity in your property. Unless you've equity in your property, lenders will not be ready to refinance your home loan. You will be able to get a lower interest rate to pay off your mortgage balance if you go for a streamline refinance. However, you won't be able to take out cash if you go for the streamline refinance process. To know more about streamline refinance, check out the given page:
"http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm"
Thanks
By doing a streamline, you would incur little to no closing costs and lowering you interest rate. I'd definitely suggest looking into it!
Thanks very much for the replies you guys. We aren't looking to take any cash out or anything just simply wanting to increase our monthly cash flow through lowering our payments through a refinance.