Arizona  FHA Streamline Refinance.info 

Closing Costs

 

Before you can get lower payments, you need to apply for the FHA-insured Streamline loan, get approved for the loan (with a no-credit check process), then close the deal.

As with your original FHA loan, you are required to pay closing costs. These costs will be explained by your loan officer and included in the terms of your loan. Your closing costs and how they are paid may be affected depending on whether you choose a "no appraisal" streamline loan or opt to have your home re-appraised. No appraisal loans are good for those willing to pay the closing costs up front and out-of-pocket.

You may also choose a "no cost" refinancing loan. What does "no cost" mean? The borrower is charged a higher interest rate to have closing costs included into the mortgage loan.

You can choose to have the closing costs built into your loan, but you must have the property reappraised. You can only roll the closing costs into your new FHA Streamline loan if there's enough equity in the property to cover the additional amount.

FHA Streamline loans can get into lower mortgage payments and better interest rates  as well as lower monthly mortgage insurance premiums; your payments will drop and you'll have more money left over to save, pay off bills or invest. If you've been paying on your current FHA mortgage for at least six months, ask your loan officer how an FHA Streamline refinance loan can lower your bills.