The FHA Streamline loan is a refinancing mortgage loan option available to homeowners with existing FHA (Federal Housing Administration) mortgages. The program simplifies home refinancing by waiving the documentation typically required by a bank and is designed to help homeowners save time and money during the refinance process. At BrightPath, an Atlanta mortgage company, we offer both FHA Streamline loans and conventional loans to help you find the best option for you.
Benefits of an Atlanta Mortgage FHA Streamline Loan
An FHA Streamline refinance loan offers several advantages for homeowners who are looking to save on their mortgage. If you decide to refinance, you may want to find out if you qualify for an FHA Streamline refinance loan or if another Atlanta mortgage conventional loan works better for you.
Here are some advantages to this type of refinancing:
No Appraisal Required
On a standard refinance loan, the lender orders a house appraisal to ensure that the borrower’s home exceeds the loan amount. However, with an FHA Streamline loan, borrowers can use the original purchase price to represent their home’s current value. For this reason, borrowers can refinance even if their home’s value has plummeted since they bought it. Borrowers also have the option to use a current appraisal value if they feel like their home’s value has gone up.
No Income or Credit Score Verification
Less documentation means less verification. Unemployment or underemployment or a low credit score will not prevent you from saving money by refinancing with an FHA Streamline loan. To find out which refinancing loans, including the FHA Streamline loan, have the lowest credit score requirements, contact a specialist at Atlanta mortgage company, BrightPath, to find the loan that works for your credit score.
Fast and Easy
Because there is less paperwork, turnaround time on FHA Streamline loans can take as little as two to three weeks compared to some refinancing options that require much more extensive paperwork and time.
The ultimate goal of a homeowner looking to refinance is to replace their current loan with a new mortgage that has better terms. An FHA Streamline loan allows you to do just that. Your original loan, because it’s backed by the FHA, can come with some hefty interest rates. That’s why it’s always important to consider refinancing if you want to find an option that’s better suited for you as you progress with your mortgage payments.
Contact Your Atlanta Mortgage Company
If you currently have an FHA approved mortgage, chances are you qualify for an FHA Streamline loan. It is important to weigh all your options when choosing a refinancing option and find the one that most benefits you.
At BrightPath, we offer refinancing loans such as the FHA Streamline loan, cash-out refinance, student loan cash-out refinance, HARP mortgage, and super saver 25-year mortgage among other refinancing options. To find the best deal and rate for you, contact us today so you can get started with a refinancing option that fits perfectly into your lifestyle!