FHA Streamline Refinance, Rates Still Low

FHA Streamline Refinance, Rates Still Low

Current FHA Streamline Mortgage Rates: FHA Streamline Rate Information For many people who currently have a FHA loan, the FHA streamline mortgage program is designed to let them take advantage of lower rates when they are available with an as-easy-as-possible refinancing program.

VA streamline refinance, sometimes referred to as the Interest Rate Reduction Refinance Loan (IRRRL), is a specific mortgage product only available to active members of the military, reservists, and veterans with an existing VA home loan. The VA’s program shares many of the same features as the FHA refinancing program, with a few major exceptions.

FHA mortgage rates are near their lowest levels of the year. Now may be the time for homeowners who have an existing FHA mortgage to consider a Ohio FHA Streamline Refinance. I’ve covered the Pr0s and Cons of a Streamline Refinance previously.

The Federal Reserve as of this writing just increased interest rates, but mortgage interest rates are still very low. In fact, rates have declined in 2017 even though the Fed has raised rates. Today you still may be able to score an FHA streamline refinance loan for 4% or less.

Another big plus is that FHA mortgage rates are the same in the FHA Streamline Refinance as with a standard FHA loans. There’s no penalty for being underwater, or for having very little equity. Another benefit is that the FHA Streamline Refinance is fairly easy for which to qualify.

FHA mortgage rates hew closely to the mortgage rates on traditional home loans. If the average interest rate on a 30-year fixed-rate mortgage stands at 5.4 percent, you can figure that the average FHA mortgage rate is nearly the same. This makes these loans even more attractive. Another positive of FHA loans is that it is relatively easy for borrowers to qualify for them.

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Annual MIP For Older Loans. Annual MIP is similarly cheap for older FHA loans. For an FHA Streamline Refinance replacing an FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55 percent annually, or 55 basis points. 15-year fixed rate mortgages with LTVs of 78 percent or less pay no annual MIP.

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One great thing about the FHA Streamline Refinance program is that the FHA offers refund on previously-paid upfront MIP so long as you’re still within the first 3 years of your mortgage. As an example, refinancing after 11 months grants a 60% refund, but waiting just.

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