Refinance Your Fha Home Mortgage Loan – Refinancing With The
Streamline Process

You can now refinance your FHA loan with their streamlined
process With reduced paperwork, your lender can process your
mortgage much quicker There are some unique requirements to
refinance your FHA loan, but you continued to be backed by the
FHA through this process
Basic Requirements
In addition to having a good credit record to refinance your
home, the FHA also requires you to already be FHA insured and be
current on your mortgage Refinancing also has to lower the
borrower’s monthly payment, and no equity can be withdrawn
Refinancing Packages
Financing companies offer a couple of different refinancing
packages for FHA mortgages A common package offers no up front
payment to refinance Often these types of mortgages are touted
as “no cost”, but you pay higher interest rates for this option
Another type of refinancing package allows closing costs to be
included as part of the mortgage amount This option is only
available if there is enough equity in the property, which is
determined by a FHA appraiser
You can also choose a traditional refinancing package where you
pay loan fees and points up front This option will give you the
best rates
Mortgage Terms
In addition to low interest rates, you can save money and build
up your equity faster by choosing a short term loan rate By
converting from a 30 to 15 year mortgage, you qualify for a
lower rate and reduce you overall interest payments by at least
half
If you have an adjustable rate mortgage, you can also save on
interest rates in the long term by locking into a fixed rate
mortgage However, if you think interest rates will fall in the
future, stick with an ARM
FHA Lenders
Only HUD approved lenders can refinance FHA loans Fortunately,
most lending companies are HUD approved You should also compare
rates and fees of these lenders to be sure that you find the
lowest rates and fees
To save time, use an online mortgage broker to request quotes
Within a matter minutes you can have a list of lenders with
their rates to compare From this list you can request more
information from lenders or apply online for speedy processing
Online lenders will also offer discounts since they have less
overhead costs than traditional financing companies

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