FHA Streamline Refinance in San Diego

San Diego Mortgage FHA

If you have an FHA mortgage in San Diego, you have the ability to do a “Streamline Refinance“. Most people who get an FHA Loan are not properly informed about all the cool things You can do with it. The Streamline Refinance allows You to get a lower rate on Your mortgage without having to go through the entire Refinance process. There is less paperwork and to the extent that an appraisal isn’t always necessary!

The idea here, is to take some of the worry of “timing the market” out of the equation. You can go ahead and buy Your home, get moved in and not worry about having locked Your interest rate with Perfect timing.  If Mortgage rates move 1% lower the next month, You just do the Streamline Refinance and You have the lower rate. You can do it as many times as You need, but have to wait 6 months between using the Streamline option (in accordance with the ever-changing FHA guidelines).

Anyone who got an FHA Mortgage in San Diego around December of 2010 or January of 2011 should be looking to do the Streamline right now!   You can save money!

Of course, You can’t be late on Your current FHA loan payments or even have a 30-day late payment in the past 12 months in order to qualify.  Your Credit Report will be pulled to verify Your mortgage history (in most cases), but You will not have to Credit-Qualify again.  Meaning, if Your Credit Score went down a lot recently for some other reason, You can still likely do the FHA Streamline to get a better San Diego Mortgage and save money.  Also, there is no way to get any “Cash-Out” when doing a Streamline. It’s just designed to reduce the rate and payment and doesn’t allow You to Tap any of Your equity.

This is just another easy way to save money on Your San Diego Mortgage. If I can help any way, just let me know. That’s what I’m here for!

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About Derrick Evens, "Mr. Credit"
The K.E.Y. to getting ahead and staying ahead in this life is to Keep Educating Yourself. Knowledge will give you a better chance at Success and Happiness, but will ensure you make Smart decisions for you and your family. I work hard every day to help bring as much knowledge to as many people as I possibly can. Join me.

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