Streamline Refinance
A Streamline Refinance is a mortgage term that refers only to the amount of underwriting & documentation required by the mortgage company. It is considered a paperless mortgage program, that can benefit a borrower to lower their current mortgage rate or to shorten their home mortgage term. Generally, mortgage lenders may require that the new mortgage will have a lower mortgage rate, lower monthly payment, and the new mortgage loan may not exceed the original principal balance. A Streamline Refinance usually doesn’t require a credit check, income verification, or even a new appraisal. They may however require to verify any recent mortgage lates. FHA streamline refinancing requires that you currently have a FHA insured mortgage. The VA streamline refinance also requires that the borrower is currently in a VA mortgage.