The Streamline refinance program couldn't be simpler! There is no appraisal required and the savings in monthly payments can be substantial especially if the current loan has been in existence for 5 years or more.
Information needed to begin to look at FHA streamline refinance options:
- Origination date of current loan
- Payment coupon or online payment information readily available-escrow payment, monthly mortgage insurance amount, balance of loan is on the payment coupon or online screen
Taking advantage of a lower interest rate or monthly payment savings can be something to take a look at to benefit person financial wealth with analysis of mortgage payment and payoff of higher credit card or installment loan debt.
Also to be considered would be an increase in personal savings rate (into 401k, 403b, growth stock mutual funds, etc) with a decrease in the size of mortgage payments.