FHA Refinance

Guess What? Today, When You Think About An FHA Refinance You'll Discover They Have Lost Something! Paperwork!

Two decades ago one can vision an FHA loan processor wondering why new or FHA refinance loans have slowed down. After all wasn't FHA-HUD the paragon of the government lending business? Then they wised up and discovered the problem was one word: PAPERWORK. Yep, paperwork. That white stuff you write on. FHA was the king. Any prospective borrower stood the chance of getting a serious case of writers cramp filling out all the required FHA government loan paperwork. Sure the rates and terms on any FHA loan or FHA refinance were good, but....yuck...the paperwork. Today FHA loans are simple and easier. Especially, the FHA Streamline refinance.

Especially, the FHA Streamline refinance. Now the slogan around the office is: how do you want your paperwork? Well done or over easy. Think: steak and eggs. Now consider how easy the FHA refinance steps are and forget about the reams of paperwork of yesteryear. Your FHA Streamline refinance will be easy and painless and best of all full of the word: NO! Here are a few. No new appraisal required, no new termite inspection unless your lender requires one - FHA refinance does not. No new proof of income, no new credit report but FHA refinancing will check past payment history to make sure you're first mortgage payments have been current for at least one year. Also no upgrades or repairs on your home unless it's loaded with lead paint. Are you smiling yet? Another item to consider on any FHA refinance is the interest rate.

Are you smiling yet? Another item to consider on any FHA refinance is the interest rate. If you love your current FHA mortgage interest rate, check with your lender to see what the current FHA refinance rate is. It may be lower. Stay informed. Example: If you have a 6 percent FHA mortgage rate and can refinance down to 4 percent, good. If not, it may not be cost effective to do any FHA refinancing at this time.