Benefits of a FHA streamline refinance?

An FHA streamline is the easiest to use because there is no appraisal and credit requirements are lower. However, if you can refinance into a conventional loan, you will likely save more because you can drop you mortgage insurance. Speak with a local lender to decide what your best option is.

FHA Streamline is the easiest, conventional may have lower payments, if you have sufficient equity.

That's a good question and the only way to tell you for sure if a streamline would benefit you is to look at your complete loan scenario... only then can we tell.. in general, if you have good income, good credit, and you have sufficient equity, then it's possible that a conventional loan would be a better way to go.. you will have to fully qualify, so tax form, pay stubs, bank statements, full appraisal, etc.. would be necessary for a conventional. For FHA, if your loan was initiated prior to June 2009, then you would qualify for the lower MI, and with FHA, there's no income, no taxes, no appraisal necessary.. so it's a pretty easy refinance.. the only way to know for sure is to contact a local mortgage broker and let them look at your entire scenario.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Assuming you currently have an FHA loan, the FHA streamline refinance is pretty cool... But, if you were to do an appraisal, and you owe less than 80% of the value would likely get a better long-term deal with using a conventional loan. There are many variable in play here, so contact a good local mortgage broker - give them a full application, and let them review all the variables to see which loan option works best for you. In MN or Wi, visit www.streamline-refinance-MN.com

A conventional loan refinance could bring about more savings on your monthly payment if your current home value allows you to dropmortgage insurance. In some cases even refinancing into a conventional loan with a much lower monthly mortgage insurance could be better. An FHA streamline is the easiest way to refinance, however. A loan officer really needs to evaluate what benefits you themost.

The best way to determine which is best for you would be to talk to a local, licensed mortgage professional. Personally, I would suggestcontacting one of my Associates at the Bay Equity location in Newport Beach, at 714-782-4348.

It really depends when you had your current mortgage financed. It is best to go conventional, but a FHA streamline could also be the best option if the numbers make sense.