Today's 30 year mortgage rates are hovering around 4.5% - the lowest they have been in recorded history! Many people have mortgages above 4.5% and have not refinanced yet because they owe more than their home is worth or they think the cost of the refinance may outweigh the benefits of refinancing.

If that sounds like you, it is critically important that you contact us today so we can see if you qualify for an FHA Streamline Refinance. This program allows you to refinance even if your home is worth less than what is owed! Additionally, you can roll the cost of the refinance into the loan and still save significantly on your monthly payments.

For example, a $300k loan amount at 6% is $1,798 a month. With a refinance to a 4.5% mortgage your payments would drop to $1,520 a month - A savings of $278 a month! Over the course of the 30 year loan that is a savings of $100,080! These are real world numbers and we have been helping many of our clients save hundreds of dollars a month.

Here is some more information on the FHA Streamline Refinance program which can be found on the HUD's website by clicking here.

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.

Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount.

Please contact us today at 425-413-6428 or info@HappyHomeTeam.com so we can help you get started on saving money.