Welcome chill,
FHA streamline refinances on insured mortgages are available since the early 1980's. The term "streamline" refers to the amount of documentation and underwriting that needs to be performed by the lender. However, this does not mean that there are no costs involved in the transaction. Some lenders may offer "no cost" refinances. In order to do so, the lenders will be charging a higher rate of interest on the new loan compared to what the borrower would have paid if he financed the closing costs in cash.
FHA streamline refinances on insured mortgages are available since the early 1980's. The term "streamline" refers to the amount of documentation and underwriting that needs to be performed by the lender. However, this does not mean that there are no costs involved in the transaction. Some lenders may offer "no cost" refinances. In order to do so, the lenders will be charging a higher rate of interest on the new loan compared to what the borrower would have paid if he financed the closing costs in cash.
The usually pay your closing costs through their ysp. Either way, if you're lowering your interest; it's a good idea. I would ask about both options; with and with out closing costs.
