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How an FHA streamline refinance mortgage works. The FHA streamline refinance allows you to refinance an FHA loan without a new home appraisal. The lack of appraisal can save you time and money ...
A refinance appraisal requires a professional appraiser to visit the property and assess its value. Depending on the property size, this can take under an hour to a few hours.
Like the FHA streamline refinance, the IRRRL is available without an appraisal, and the loan is usually non credit qualifying. An IRRRL must replace an existing VA loan.
1. Rate-and-Term Refinance. This loan is commonly used to adjust your home loan’s interest rate and/or term. You can go for a lower rate to lower interest costs over the loan term and possibly ...
The FHA streamline refinance program has more relaxed lending guidelines than traditional refinances when it comes to an appraisal, credit check and income verification. Yet, it still imposes a ...
Appraisal Fee: The lender pays a professional property appraiser to assess the current value of your property. Loan Origination Fee: This is a fee for evaluating and preparing your mortgage loan.
A no-closing-cost refinance allows you to take advantage of refinancing without paying cash by rolling the closing costs into the loan itself.
“You can get an educated idea of the rate, closing costs and new payment without having anybody pull your credit,” Buchanan says. 2: Consider all the costs There's more to refinance costs than ...
If you have an FHA, VA, or USDA home loan, a streamline refinance mortgage could lower your fees and get it done faster.