4 Advantages of a FHA Streamline Refinance

By utilizing an FHA streamline refinance, you can benefit in a number of different ways. Here are some of the advantages that you can get by using an FHA streamline refinance.

1 - Less Paperwork

One of the biggest advantages of using this type of refinance is that you have less paperwork. With most refinance loans, you have to do quite a bit of paperwork along the way. However, with this process, the paperwork is streamlined and you should be able to complete it very quickly.

2 - No Credit Check

In order to qualify for an FHA streamline refinance, you have to already have an FHA loan. That means that you have already been through the credit approval process before. According to the FHA, this is sufficient and they should be able to approve you without any new credit check.

3 - No Appraisal

With most refinance loans, the lender is going to have to conduct an appraisal on the property. With the FHA streamline refinance, they will not have to conduct an appraisal.

4 - Faster Processing

With less paperwork, no credit checks, and no appraisals, the FHA streamline refinance typically goes by very fast. This means that you will be able to lower your monthly payments very quickly after you apply for the loan.