If your rate is 5.5% or higher you may qualify for a Government Streamline Rate Reduction. On a $250,000 loan you could save over $160 per month. Below are some key points to this program. Lock in today by Applying On-line or calling our price desk.
An FHA Streamline Refinance is available to borrowers with a current FHA loan. This is a powerful tool that requires no income or credit checks or expensive appraisals. This is a great way to lower your rate with little effort or costs.
HUD has implemented a benefits check to insure the borrower is protected. The new loan must be at least 1% lower in rate or save them at least $50/mo. from the old payment. Here are some important things to consider when streamlining:
No Fico Requirements (Below 620 Okay): You can even have previous mortgage lates as long as your payoff shows your current at time of new loan. We do NOT verify your previous mortgage history.
Upside down is no problem. We do not require any costly appraisals to be done to lower your rate.
We will not verify income, and no longer have to list a job or confirm employment .
All borrowers on the old loan must stay on the new loan, otherwise income qualification will be required
Your rate must improve by at least 1% or your payment reduced by at least $50 per month.
Typical hits that can effect rate are: loan size , credit score, state property located in.
So you have the guidelines now lets ask why chose Interstate Mortgage? I asked the same thing and created a program called Streamlined For Life®. I think this will answer your question on why Interstate gives a different Value Proposition than its competitors.
