Wednesday, March 4, 2009

FHA/VA Streamline Refinancing – Is it Right for You?

I have heard a lot of buzz talk lately about different mortgage solutions that homeowners are considering. Some of the “solutions” that I’ve heard make me cringe and seem a little reminiscent of sketchy financing practices that started the ball rolling toward the current state of our mortgage industry. My advice to you, do your own research and become educated on the short and long term effects of any decision that you are considering.

Now if you have a FHA or VA mortgage, a low-cost streamline refinancing may be the right solution to lower your rate and get a fixed-term mortgage.

Streamline refinancing offers several advantages, including:

• Saving thousands in interest payments
• No home appraisal required
• Lower monthly payments
• Fast turnaround on your loan

The basic requirements of streamline refinance mortgages are:

• The mortgage to be refinanced must already be FHA/VA insured.
• The existing loan to be refinanced should be current for the past 12 months without any late payments.
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
• No cash may be taken out on mortgages refinanced using the streamline refinance process.

There are other loan limits, terms and conditions that apply. Contact a Nevada Federal CU streamline refinance expert today for more details. Roger or Colleen are available to answer questions you have regarding FHA/VA streamline refinancing or any other type of mortgage loan.

Roger White (702) 948-5499 • Colleen Carroll (702) 948-5365

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