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Esteemed Contributor
kivah
Posts: 5,188
Registered: ‎03-11-2010

Streamline Loans

‎02-18-2011 07:22 PM

I'm in the process of refinancing my home mortgage with Chase Bank (my lender). They offered to give me a Streamline loan - which is similar to a loan modification. You don't have to qualify, there's no appraisal or credit check. I'll be lowering my payments from $1340/mo. to $1125/mo. I rolled the fees into the loan. It's backed by FHA (FHA just guarantees the loan). They're offering a 5% fixed interest rate for 30 yrs. I'm sure you can refinance for less years. If you live in your house and there's equity -- and you have purchased or refinanced your house in the last few years - this loan may work for you. If you're struggling with your mortgage payment - check it out. Many lenders offer this Streamline loan.

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