What Is a Streamline Loan? A streamline loan refers torefinancing your current home mortgage to obtain a lower rate and payment. For lenders offering streamline,the process should result in less paperwork and easier qualification than for the original mortgage.
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What is a streamline mortgage and how does it work?
The most important thing to understand about the streamline mortgage is that it鈥檚 not an option for a new loan, but rather for refinancing a home loan you already have. Streamline programs are designed to help you quickly and easily take advantage of lower interest rates that may have become available since you took out your original loan.
What are the benefits of a streamline refinance?
The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan. Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.
How do I apply for an FHA streamline loan?
FHA Streamline loans don’t require a meeting with your loan officer–you may be able to apply by phone or complete some paperwork over the Internet if your lender permits. The bank may require your actual, handwritten signature on some documents-be prepared to complete and mail in some forms before the process is officially declared finished.
What is a VA streamline refinance?
A VA streamline refinance, also known as an IRRRL, is a simplified loan with relaxed qualifications for service members and veterans. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.