Des Plaines Mortgage Broker: FHA Streamline Mortgages, No Appraisal, Income or Credit Verification

Des Plaines Mortgage Broker: FHA Streamline Mortgages, No Appraisal, Income or Credit Verification. $50m of sales in his 1st year as a Mortgage Broker!

Des Plaines Mortgage Broker: FHA Streamline Mortgages, No Appraisal, Income or Credit Verification video duration 47 Second(s), published by The Chicago Mortgage Broker on 27 06 2015 - 03:24:10.

Want to Refinance But Think You Can't? Call 847-235-6221 or visit http://thechicagomortgagebroker.com to find out how/when you can refinance a property if Stated Income Mortgage Broker Summerlin - Las Vegas NEVADA 89135- 702-852-6583 - FREE: GET YOUR PERSONAL CUSTOM HOME SEARCH APP!

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Want to Refinance But Think You Can't?
Call 847-235-6221 or visit http://thechicagomortgagebroker.com to find out how/when you can refinance a property if you have credit, income or property value issues.

Or read on.

There are two programs that allow for a refinance when the value of a home is not high enough in relation to the amount owed on it:
HARP (Home Affordable Refinance Program), and the FHA Streamline Refinance Program. Both are available to Des Plaines mortgage loan borrowers.

Because they're available to borrowers anywhere in the USA.

But not to all borrowers.

You can get an FHA Streamline refinance mortgage if you have an FHA loan already only.

You can get a HARP loan only if your loan was originated in the latter part of 2009 and is owned by Freddie Mac or Freddie Mae.

Here's the link to check if Freddie Mac owns your mortgage: http://www.warriorforum.com/offline-marketing/865224-offline-businesses-earn-1000-per-customer.html.

Here's the link to check if Fannie Mae does: https://knowyouroptions.com/loanlookup.

Since my video is about FHA Streamline Refinances, I'll focus on those from now on.

It is true, all people who have an FHA loan, including Des Plaines mortgage holders, can get their existing FHA loan refinanced into another FHA loan without an appraisal, without income verification, and without credit verification if they do not want to take out any cash.

The FHA allows a streamline refinance even if borrowers want to take out part of their equity but, then, it wants an appraisal.

It allows that because each refinance has to have a tangible benefit; specifically, the borrower's monthly payments must go down by at least 5%.

So, of course, they'd do a no-cash-out refinance without checking property value, income or credit.
Well, everybody calls it no-credit verification, and it's true and not true.

It's true in the sense that they don't look at all the debts you have and at your scores; it's not true because they look at your last 12 mortgage payments on the property you're refinancing.

In case you don't think monthly payment reductions of 5% warrants my 'of course,' I'll give you my other reason for the 'of course:'

Borrowers already have an FHA loan; reducing their monthly payments by 5% or more increases the chances they're going to keep making those payments as agreed.

So, if you already have an FHA loan and if your current interest rate and mortgage insurance are higher than what you could get today, call 847-235-6221 or visit http://thechicagomortgagebroker.com and send us an email through our contact page.

When making your calculations as to borrower benefit, keep in mind that the upfront mortgage insurance premiums were lowered in January 2015 by .05% and that borrowers who got an FHA loan after June 2013 have to carry mortgage insurance for at least 11 years (or the life of the loan, for shorter-termed loans) even if the LTV drops below 80%.

To learn more about the changes in FHA monthly premiums, visit http://thechicagomortgagebroker.com/2015/01/12/niles-mortgages-insurance-news/.

You can also call us at 847-235-6221, of course.

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