Learn About Your Florida FHA Mortgage Options
Lowering your Florida mortgage payments to send a child to college, consolidate higher interest debt or taking a much needed vacation, or making those long awaited Florida home improvements are some of the ways Florida homeowners taping into their hard earned equity that they have accumulated in their Florida home to help with these expenses. Keep in mind that FHA streamline mortgage refinancing is only available to Florida homeowners who are currently using their Florida FHA mortgage as their principal residence.
FHA REFINANCE FLORIDA: FHA STREAMLINED REFINANCING A FLORIDA MORTGAGE
FHA streamline refinancing is an option considered because it allows Florida homeowners reduce the interest rate on your current Florida home loan quickly and oftentimes without an FHA appraisal. The FHA Streamline refinance also cuts down on the amount of paperwork that must be completed by your Florida FHA mortgage lender saving you valuable time and money.
In order to qualify for an FHA streamline refinance your original Florida FHA mortgage loan must be in good standing and the FHA mortgage refinance must lower your current monthly interest payments. This type of FHA mortgage refinancing option reduces your monthly expenses by lowering your payments but with a streamline refinance there is no option to receive cash back. An FHA streamline refinance works well for Florida homeowners who are in good financial standing with no significant debt because it allows you to free up extra money each month that can be put to good use elsewhere.
If you have a conventional Florida mortgage you wish to refinance with an FHA refinance loan, you’ll need to apply with the FHA mortgage application and include the usual employment verification, credit check, debt ratio requirements and other documentation. An FHA refinance loan can get you many of the same results, and you may get better rates and lower Florida mortgage payments.