If you are reading this, the chances are high that you are investigating what the FHA streamline refinancing program is and whether or not it makes sense in your case. Even though the FHA streamline refinancing program is relatively easy to understand when compared to other FHA loan programs, chances are that you will learn even more about the program by speaking with a loan officer over the phone.
Assuming that the loan officer knows what he or she is talking about! I am amazed at the number of people that I speak with that say “no one ever explained that to me before…” so I thought I would take a second to outline the “normal” choices that a consumer has when choosing a loan officer.
First, let me begin by saying that there are great loan officers at almost every lender – just as there are not-so-great loan officers at every lender. In general, there are three different groups of lenders where loan officers work that can help you with the FHA streamline refinancing program.
FHA Streamline Refinancing Lenders Groups
- Group #1 National Banks
- Group #2 Call-center based companies
- Group #3 Local Arizona loan officers
In general, the FHA streamline refinancing lenders will all have similar interest rates and fees (they have to be competitive or they are no longer in business…) and the difference is how much of a local, personal touch you want to experience.
If you don’t mind dealing with someone who is sitting 500 or 5,000 (India!) miles away working in a call center overseeing your loan, you may want to choose working with a call center based company.
If you have a great relationship with the bank where you have your checking and savings account at – you may want to work with one of the large national banks.
If you prefer to work with FHA Streamline refinancing experts who live and work in the community that you live… then you may want to opt to go with a local Arizona loan officer who is an expert in the FHA streamline refinancing programs.
But… no matter what… you might want to hurry – before rates go back up!