FHA Streamline RefinanceThis simplified refinance option is for homeowners with an existing FHA mortgage. It requires less documentation than typically required and is usually completed quickly.
What you need to know about FHA Streamline refinances
Do you have an existing FHA mortgage? The FHA Streamline refinance program may be the answer for you. This program gets its name because it allows homeowners to refinance their FHA loan to a lower rate more quickly than a typical refinance. The amount of documentation required is reduced and you often do not need an appraisal done, saving you time and money.
It's important to note that you won't get more than $500 cash at closing, so if you are looking to get more cash back you may want to look into a cash out refinance. Speaking to a Compass Loan Officer about your goals is a great place to start.
*Savings, if any, vary based on consumer’s credit profile, interest rate availability, and other factors. Contact Compass Home Loans for current rates. Restrictions apply.
*Compass Home Loans, LLC is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
The process is easier and faster than a typical refinance
No appraisal is typically required, saving you money
There is no verification of income or employment required
Refinance and obtain a lower interest rate