Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

FHA Streamline Refinance: When Does It Make Sense?

January 15, 2009

The FHA streamline refinance program is an easy way for people who are currently in an FHA loan to lower their monthly payments without having to completely re-qualify for a new rate.

The main criteria for being able to qualify for the FHA streamline refinance program are:

  1. You must occupy the property as your primary residence
  2. You can’t have more than 2 30-day late payments on your mortgage in the last 12 months
  3. You can’t participate in the FHA streamline refinance program unless the benefits outweigh the costs — or, in other words – you had better save money and be in an overall better financial position.

How much money can you save with the FHA streamline refinance program?

How much can you save if you decide that the FHA streamline refinance program is something that you want to do? It depends on your loan amount and what your current interest rate is.  Here is a simple example of what your savings could possibly be:

  • Loan amount = $150,000
  • Current interest rate = 7%
  • Current principal + interest = $998
  • New interest rate = 5%
  • New principal + interest payment = $805
  • Monthly savings = $193/month

When does the FHA streamline refinance program make sense? Well, if you are in a $150,000 loan and currently have a 7% interest rate, it would only make sense if you wanted to save $193/month on your mortgage payment.

Filed Under: Arizona Home Financing Options, FHA Streamline Refinance Program

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us