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What does it mean to "streamline" a mortgage?

What does it mean to "streamline" a mortgage? Are there any risks? by EHerbe_836_240 from Irving, Texas. Jul 30th 2012 Reply


Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

Streamline is a term used when refinancing, when the lender is able to do the loan with less documentation than is normally required. www.fha-streamline-refinance-mn.com

Jul 30th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,618 contributions

Under a purchase or conventional refinance, the lender will require tax returns, w2's, 1099's, bank statements etc... Under the FHA Streamline refinance, most of that documentation is not necessary.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 30th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

It means nothing....some lenders still need some documentation as if it were a Full Doc. Some streamlines do not require an appraisal. think streamline as in faster. There is always a risk with every mortgage regardless of its title name. Good Luck

Jul 30th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

You can change the terms of your loan, from 30 to 15 yr for example no appraisal, and limited in documentation, and also, it does matter when you purchased or last refied... email me at yourloanpartnerforlife@live.com linda

Jul 30th 2012
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Bill Dunger (billdunger)
#19 ranked lender in Washington - 35 contributions

If you referring to an FHA streamline it means that you have fully qualified for the mortgage at one time or another in the past and since you have done that NOW you can "streamline" in todays market meaning NO appraisal needed, and NO income documents to provide. Basically verify your currently employed, sign disclosures and your on your way to a new mortgage.

Jul 30th 2012
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Bill Dunger (billdunger)
#19 ranked lender in Washington - 35 contributions

I should also mention in regards to my last comment that the streamline with updated MIP, no appraisal etc... is For Loans Endorsed On Or before June 1, 2009

Jul 30th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 787 contributions

less documentation than FULL doc loans and the risk is with the lender

Jul 30th 2012
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