Streamline Refinance

There is an actual "Streamline Refinance" program that is offered thu FHA. The requirement is that you have an existing FHA loan. Some bnaks are offering to "streamline" the "process" for existing customers. Each bank will have different requirements and it sounds like this is something you were offered by your current bank. If so, you will need to check with them as to what the difference is between their streamline refinance and a "non" streamline refinance.If you have any questions you can feel free to call me at 877-662-3321 x-102. Joe Shamie

Joe answered your questioned very well with regards to FHA. I would like to add that other banks or portfolio lenders also offer a streamlined refinance program. Depending on who your current lender is, some streamline programs allow for now income or asset documentation (stated income, stated assets) vs their traditional programs which would require you document enough income and assets to qualify. You should speak with your current lender to see the benefits of their program, and then you should speak with a mortgage professional to see what they have available. www.ThinkJohnAJr.com

Streamline means that they can refinance your loan to a lower rate without verifying your income and assets, and usually no credit reports pulled. They typically will not do an appraisal either.You can get no cashout and the closing costs are very little on a streamline refinance.I would definetly look at doing it. Typically only takes about 3 weeks to do process vs 4-5 weeks for a regular refinanceGood Luck