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What is the difference between full vs streamline loan?

by shannonpeace702 from Colorado Springs, Colorado. Aug 28th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

This is in regards to refinancing with FHA.. If you currently have an FHA loan now, then there's a built in feature called the "Streamline Refinance". This allows you to do a "Rate and Term" refinance with limited paperwork and no appraisal. The lender is not required to document your income. This makes refinancing very easy.. the standard FHA refinance is when your looking to either add or remove a borrower, looking to do a cash out refinance, or if you're looking to do a shorter term where your payment increases more than 5%. Under this type of refinance, you will be required to document your income and it's possible a new appraisal will be needed. If your considering either of these types of refinance, then I would suggest that you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Aug 28th 2015
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