FHA Streamline Refinance Rates
FHA Streamline Refinance Rates fluctuate and are normally the most sought after information from borrowers when they go about refinancing their home. The rate that you get when refinancing will determine what your closing costs are, what your new payment will be, and what your remaining loan balance is. Luckily, with Village Capital, all closing costs are covered and there is absolutely no out of pocket cost to you. This is what makes Village Capital one of the best mortgage lenders in the industry and keeps customers so satisfied.
The Allure of the FHA Streamline Refinance Program
Unlike a traditional refinance, the FHA Streamline Refinance allows borrowers to “streamline” their refinance by not requiring them to get an appraisal on their home or verifying their income. This means that there is an unlimited loan-to-value limit; if you are underwater on your home it won’t matter because there is no appraisal required. It is even more enticing because most lenders, such as Village Capital, don’t require a credit check and are mainly concerned about being employed and being current on your payments. Because of this, more and more people are running to the FHA Streamline Program for a solution to their financial problems or even to just free up some money.
Requirements in the new FHA Refinance Rates
The VA and Federal Housing Administration do not allow a refinance to take place on a home unless it is beneficial to the borrower. They have decreed that there be a net reduction of at least 5% or more on the monthly payment. That includes mortgage insurance, principal, and interest rate. This doesn’t mean that the interest rate is lowered by 5%, but a net reduction on the monthly payment. Additionally, FHA Streamlines use the same paperwork from the original home loan. This allows a borrower to refinance the home before insurance rates or private mortgage insurance rise.
Other Perks Outside Of Lower Interest Rate
Another particularly enticing feature about the FHA Streamline Refinance program through Village Capital & Investment besides the low rates it provides is that you are able, in most cases, to skip a month’s payment. This is the best way imaginable to free up quick cash and pull yourself out of a bind. The good majority of people’s main expense every month is their mortgage payment by far. Imagine if you were able to lower your monthly payment, lower your savings over the life of the loan by thousands, and because you’re in a really tight spot in the first place, free up an entire month’s worth of cash that was going to go towards your mortgage payment! Aside from the current rates, this has always been one of the best little perks about the FHA Streamline Refinance with Village Capital.
FHA Refinance Rates Change Daily
So what are today’s mortgage rates? How can you find out exactly what you can save by using the FHA Streamline Program? Well, there’s no set answer to that. Rates fluctuate daily and because of this you can’t lock in exactly what your rate would be online. Because the FHA Streamline Refinance rates are changing daily, the only way to find out what rates Village Capital is offering for that day is to contact us and get a customized mortgage rate quote from our mortgage experts. You will be provided with what rate you can get as well as what your monthly savings would be. Get started by clicking on the button below and lower your monthly payment today!
