FHA Streamline Refinance?

4 Replies

Good Morning,

I have a question regarding the FHA Streamline Refinance?

I received a Letter from my Mortgage company, stating that I am eligible for this Refinance program.

I wanted to get others Opinions on it - Pros and Cons, etc.?

Thanks so much for the insight and the help - Michael

Mostly all pros if it is going to drop your rate significantly. The nice thing about FHA streamlines is you don't have to provide any income supporting documentation such as paystubs, W2s, taxes, bank statements, etc. You also don't have to do an appraisal. It is simply a rate reduction.

What is your current rate, and what is the bank offering? 

Andrew Narsi , 

Thank you for your reply 


My current Rate is 3.75%

I'm not sure yet what they are offering ( Going to call them first thing Tuesday morning )


Do you have to pay Closing Costs?

If I've paid on the house for 5 years of the 30 year loan - It will stay at the remaining 25 years left to pay on it correct - it won't go back to an all new 30 year loan?


Thank you again for all of your help 

Closing costs will depend on the lender so I would ask them that when you call. And unfortunately, it will go back into a 30 year note.


Originally posted by @Michael Dunn :

Andrew Narsi , 

Thank you for your reply 


My current Rate is 3.75%

I'm not sure yet what they are offering ( Going to call them first thing Tuesday morning )


Do you have to pay Closing Costs?

If I've paid on the house for 5 years of the 30 year loan - It will stay at the remaining 25 years left to pay on it correct - it won't go back to an all new 30 year loan?


Thank you again for all of your help