There is a misconception that a mortgage refinance is difficult. In some cases, it can be extensive, limiting, and approval isn’t guaranteed. There are, however, other options available. One is a streamline refinance which can make a refinance more accessible. Let’s take a look.
Lenders, such as AdvantageFirst Lending, can offer a streamline refinance with looser qualification and verification requirements than the traditional option. An appraisal may not even be required. In addition, a streamline refinance has a net tangible benefit that is designed to help homeowners by decreasing the interest rate or mortgage insurance premium. There’s also a possibility for an adjustable-rate mortgage to be converted to a fixed-rate mortgage.
Qualifiers must be current on existing mortgage(s). A few benefits include:
- Fast loan processing
- Limited or no income verification
- Lower closing costs
- Minimal credit requirements
- Minimal paperwork
- No cash outs
Streamline programs are offered on FHA, VA, and some conventional loan programs.
