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How do I get more information on the FHA No Closing Cost Streamline refinance?
You can either call us Toll Free at 1-800-506-8262, or fill out the on-line information request form "More Information". In either case, we will promptly answer all your questions.
Are you sure that no fees are being rolled into my mortgage balance?
No closing costs are being added or rolled into your mortgage balance.
Is there a prepayment penalty on your loan?
No, there are no prepayment penalties. You may pay off this loan at anytime without penalty.
Is this an FHA program or your loan program?
This loan program is an FHA loan program with added benefits provided by
Grand Bank NA.
Can I convert an Adjustable or Variable rate loan to a fixed rate loan under your streamline program?
Yes
Everything has changed in my life. Will a new job and income status effect my loan application?
Generally no. Call for details.
Can I refinance my current adjustable to another adjustable rate loan?
Yes, call for details.
My credit has suffered a hit in the past, however, I am making progress in straightening everything out. Can I qualify for this loan?
The main qualifying criteria is that your loan is current or up to date. Past credit difficulties on your mortgage, car or credit card bills,
may inhibit loan approval. Call for details.
Can I change the term of my loan?
Yes, some restrictions apply.
Do conventional loans qualify under the streamline loan program?
No
Can I streamline refinance an FHA investment property?
Yes. Restrictions apply.
How long does it take for loan approval and loan settlement and what do you need from me?
Loan approval and settlement generally take about 10 days from start to finish. All we need is a current mortgage payment history and copies of some of your old settlement papers. All of this is done over the phone and fax machine. It's truly that simple.
Are There Restrictions On The Number Of Times I Can Refinance?
There are no restrictions on the amount of times you may refinance.
Should I wait to refinance if I think rates are coming down?
No. Guessing the direction of interest rates is just that - a guess. When your payment savings are immediate and there are no costs to refinance, and there are no restrictions on how many times you can refinance, there is no reason to wait.
If there are no points or costs to me, how do you earn a profit?
We earn a profit from the interest rate.
When does refinancing NOT make sense?
When your payment saving is small in proportion to the points and closing costs paid. For example, paying $5,000 in points and closing costs to save $75 a month results in a very long breakeven point of 66.66 months, or 5 1/2 years ($5,000 divided by $75). After 5 1/2 years you recoup your costs and only then do you start to save $75/month. That's too long to wait for savings. What if you move or rates drop and you refinance again? The breakeven point should be no longer than 24 months under a normal refinance. Under our No-Cost Streamline refinance there are no costs, and thus, no breakeven points. Your savings are immediate.
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