FHA Streamline Program: Popular When Rates Are Low
An Arizona FHA streamline refinance is a popular option for many people who live in Arizona and currently have an FHA mortgage. Thanks to the FHA streamline refinance program, it is possible to lower your interest rate and get a lower mortgage payment each month without having to completely re-qualify for a new loan.
Arizona FHA Streamline: Refinance Without Needing An Appraisal
The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.
Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the FHA streamline program and will probably need an appraisal unless you can qualify for the FHA streamline program without appraisal.
Arizona FHA Streamline Program Without Appraisal
The only way that you will need an appraisal when you go through the FHA streamline program is if your new total loan amount exceeds your original loan amount by 1.5% of your loan amount. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program.
Arizona FHA Streamline Closing Costs
There are costs involved with the Arizona FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. This is also known as the Arizona FHA streamline program with no out of pocket closing costs or the FHA streamline program with no closing costs.
Most often, when a person participates in the Arizona FHA streamline program, they will still be in a FHA 30 year fixed rate loan with an interest rate that is lower than what they had before. Often this reduced interest rate can mean hundreds of dollars of savings each month in interest. Obviously, the Arizona FHA streamline program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.
How To Save Money on a Streamline Refinance
The one thing that you can do to save money that banks won’t tell you is to shop multiple lenders for the best rate and fees. Different lenders will have different costs for the Streamline program, so until you get multiple quotes, you won’t know what your best option is. Getting a quote from a lender is free, only takes a few minutes and can save you thousands of dollars on your refinance.
Is the Arizona FHA streamline program right for you? Find out more by speaking with one of our Arizona FHA streamline experts today!