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Danial Aziz

Streamline Refinancing

Tuesday, October 2, 2012 - Article by: Danial Aziz - - Message

Streamlining your mortgage means going from FHA to FHA. A very popular program to refinance for those that wants to lower their payments or simply switch from an ARM to a fixed rate while maintaining their MI Factor for insurance. Now you might think, if I'm refinancing that means my insurance period is resetting for another 5 years. That is correct. You can't cancel your MI until you get twenty percent equity in your property. So why streamline? Well lowering you interest rate will help you achieve the twenty percent quicker while saving money on the lower rate. Some lenders even offer a "no cost streamline". Truth is with a no cost you'll have to accept a rate that is not the lowest possible unless you're willing to pay the fees out of pocket. By now you should have already looked at your benefits as well as your disadvantages. Yes you're keeping your MI payments but as well your locking a lower rate until you have enough equity to go Conventional which won't require any PMI as long as there is enough equity which will be reached quicker with the lower rate.

Streamline Qualifications

Feel free to contact me for any questons you might have.

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