People are always looking for ways to lower their monthly bills and to save more money. Refinancing a home mortgage is a common way people accomplish this goal, but a traditional refinance comes with stacks of paperwork to complete and hoops to jump through. Many people are unaware of the FHA Streamline Tucson, which is refinance loan that involves a lot less paperwork and effort. The FHA Streamline loan is likely the best refinance option currently available on the market in many ways. There are many benefits to this type of refinance loan. Refinancing your home can be a costly process, which seems counter-intuitive since you are doing this to save money. An FHA Streamline refinance loans can save you up to several thousand dollars versus a traditional refinance loan program. The closing costs associated with this type of refinance loan are lower because they require less work on the lender’s part. Another big draw is that a new appraisal of your home is not needed. A lender requires an appraisal on a standard refinance loan to ensure that the value of your home exceeds the loan amount. In the case of a FHA Streamline refinance, the lender uses the same appraisal that you submitted when you originally financed your home to get FHA backing. This saves you the cost of a new appraisal, which could be about five hundred dollars.
Since an appraisal is not required, this reduces the processing time of your loan refinance. The process of getting your home appraised generally takes a few weeks to complete, so cutting this step out makes the process much quicker. In addition, this type of refinance does not require a new credit check to verify your credit or income, as you already passed the requirements when originally qualifying for an FHA loan. Completing the process doesn’t even usually require meeting face to face with a lender. Generally, all the paperwork can be completed online, with just the need for a few documents to have a written signature and to be sent back to the lender. The FHA Streamline Tucson is a great way to save money and lower your housing expenses in a quick and effective manner.