If you have an FHA mortgage, the FHA Streamline Refinance program is the fastest and easiest way to refinance your loan. Unlike most refinance loans, the Streamline program may not require verification of income or assets, and an appraisal is not even required in most cases. The Streamline program also allows for an unlimited loan-to-value ratio, so you can refinance into a lower rate even if you are very underwater on your loan.
With the exception of credit score, which will need to be verified, the FHA Streamline program will use the information from your original FHA application. We then repackage your application to give you a new mortgage with a lower interest rate.
Do you want to refinance to access equity in your home? This will increase mortgage debt, and it is not allowed under a Streamline Refinance. HUD prohibits homeowners from withdrawing equity under the program.
You will need to pay closing costs when you refinance through the FHA Streamline program. Closing costs may be thousands of dollars, and you will also need to pay certain fees to the mortgage broker and/or us. You may be able to roll these costs into your new loan, but only if you get an appraisal on your home and the new loan will not exceed the original balance by more than 1.5 percent. If you do not get a home appraisal, you will need to pay closing costs out of pocket. We may be willing to pay the closing costs for you if you accept a higher interest rate.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020