If you already have an FHA mortgage, you have options a conventional borrower does not. The Streamline in particular is one of the least painful refinances in the business, and most FHA homeowners have never heard of it.
Run the numbers before you talk to anyone, including me.FHA Streamline calculator →
FHA mortgage insurance generally stays for the life of the loan on most modern FHA mortgages. That is the single biggest reason FHA homeowners eventually refinance into a conventional loan instead. If you have 20% equity, that comparison is worth running before you assume Streamline is the answer.
A Streamline refinances FHA into FHA. It is fast and cheap, but you keep the mortgage insurance. It shines when rates have dropped and you do not have the equity to leave FHA yet.
With enough equity, moving from FHA to a conventional loan can drop the mortgage insurance entirely. That is a full-documentation refinance and it is often the bigger monthly saving. Conventional loans.
A HELOC leaves your first mortgage untouched and you draw what you need. On a low FHA rate that is frequently cheaper than a cash-out. Compare home equity options.
Start with the calculator, then send me your numbers. Run the FHA Streamline calculator to see the payment, then tell me your current rate, balance and roughly how much equity you have. I will tell you whether Streamline, cash-out or leaving FHA entirely puts you in the best position, and if the answer is to do nothing right now I will say that. Already have a refinance quote? Send it for a free LE Review.
Program details are general, vary by loan, property and borrower, and are subject to change without notice. This is not a commitment to lend and not all applicants will qualify.
