Currently have an FHA loan? There’s an easy way to lower your payment
If you have an FHA loan and the interest rates have dropped since your last loan was funded, you may be eligible to refinance at current interest rates and to lower your monthly payment. Or if you have an Adjustable-Rate Mortgage (ARM), you may want to consider converting it into a fixed-rate loan.
Another option to consider is decreasing your loan’s term. If the interest rates have dropped since you got your loan, you may be able to pay the same amount each month but pay your home off. This can save you a significant amount of money in interest payments over the life of the loan.
Important Benefits and Features of FHA Streamline Refinance:
- The process is generally simpler than typical FHA loan
- Minimum 620 credit score requirement.
- An appraisal may not be required.
- Income documentation may not be required
- To qualify, you’re required to be current on your monthly loan payments