If you own a home, or are currently looking to buy one, then you know how complicated the process is. You may never have processed so much paperwork or jumped through so many hoops in your entire life. By the time you close the deal and are ready to move in, you’re exhausted – and then of course you have to move in, get everything set up and out of the boxes. The whole process from getting the house to the move in is quite tiring. Come time to refinance your home mortgage loan, you may even cringe. The stress of taking care of all the finances for your home can be very overwhelming and that is why many banks, credit unions and other financial institutions in the business of lending offer something called streamline refinancing.
Streamline refinancing is designed to make the process of refinancing easy. By and large, there are only a few basic requirements in order to qualify for streamline refinancing which are:
- Your mortgage loan has to be in good standing (no delinquency, or anywhere near foreclosure, basically)
- The loan has to be insured
- The purpose of the streamline refinancing is to lower the monthly payment
- You can’t get any cash back from the refinance
If you’re thinking about refinancing your home, see what other refinancing methods there are. Go Banking Rates has various articles about mortgage refinancing that you may want to read about so you can fully understand what your options are before making your decision or to prepare you with questions when you speak to a financial representative.