http://www.joshmettle.com/blog/
It’s free money coming from the sky! Well not exactly, but it is pretty dang cool. It’s an FHA Streamline refinance and unlike most Conventional and FHA full refinances there are NO CLOSING COSTS. It’s a little known fact that VA loans are eligible for Streamline as well and follow the same general rules as the FHA Streamline. In addition to having NO CLOSING COSTS, the Streamline also does NOT require an appraisal, which is HUGE if your home values have decreased and there is NO income verification, which is HUGE if you are making less today than you did when you bought your home a few years ago. It’s really an easy process for borrowers, sign a couple of application documents for the new loan and get us a copy of your current mortgage note agreement and your done!
I typically want to see clients save at least .500% on the new loan to make it worth your while, which means if your loan is 5.5% or above, you should definitely check into the VA or FHA Streamline before Mortgage Insurance rates go up on April 18th 2011.
Here’s another very cool trick you can do with the FHA or VA Streamline, schedule the closing at the end of the month, which means you get to skip a monthly payment and get a full refund of your current escrow account. This time of the year that could free up a couple thousand dollars immediately that many folks would love to have in their budget, not to mention lower monthly payments moving forward.
If you have any questions about this program please feel free to visit my website, call or email me with questions. I’d love to help you!
http://www.joshmettle.com/blog/2011/03/this-will-make-you-money/
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