This is common because the FHA doesn’t allow lenders to roll closing costs into the new mortgage amount on a streamline refinancewithout an appraisal. And most people gravitate to this program for that appraisal waiver. To sum it up, because no appraisal is required, the FHA streamline refina...
Also known as a VA streamline refinance, an interest rate reduction refinance loan (IRRRL) is a type of refinance exclusively for VA loans that can lower your monthly mortgage payments. An IRRRL does not require an appraisal or a credit underwriting package, meaning you can often get approved...
FHA streamline refinances offer what’s known as a “tangible benefit” in the form of a lower interest rate, a change of loan terms or a switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. When using an FHA streamline refinance, you’re unable to withdraw more than...
What do you do if a lender tries to have you pay a non-allowable fee? Do non-allowable fees apply when you refinance a VA loan? Bill Lyons Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing...
With a Streamline Refinance, mortgage lenders waive large parts of their “typical” refinance mortgage approval process. Often, home appraisals, income verification, and credit score checks are all waived. Homeowners may have access to a Streamline Refinance loan if their current mortgage is backed ...
Dry funding states follow dry closing procedures, impacting the closing timeline for all parties. Learn more about dry closing in real estate here.
Do You Need An Appraisal To Refinance? A lender almost always requires you to go through the appraisal process when you choose to refinance because they want assurance that you aren’t getting a loan for more than your home is worth. A refinance appraisal can determine if the home has gone...
Also known as a streamline refinance, an IRRRL allows you to refinance a VA loan without a credit check, income verification or home appraisal. The interest rate on the new loan must be lower than your current one. VA Cash-Out Refinance Loan This allows you to liquidate up to 100% of ...
VA Streamline Refinance (IRRRL): The Interest Rate Reduction Refinance Loan (IRRRL) simplifies the refinancing process to secure a lower interest rate or reduce monthly payments. VA renovation loan: Finances both the purchase and renovation of a home. NADL program: Provides Native American veterans...
In the case of a mortgage refinance, they’ll assess currenthome equity, the property’s appraised value, and use amortgage payment calculatorto see what loan terms the borrower might benefit from, if any. After the mortgage broker has all the important details, they can determine what will...