Utah Mortgage » FHA Streamline http://utahmortgagenow.com Sat, 12 Sep 2009 21:03:08 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Why Do FHA Streamline Loans Close At The End Of The Month? http://utahmortgagenow.com/why-do-fha-streamline-loans-close-at-the-end-of-the-month/ http://utahmortgagenow.com/why-do-fha-streamline-loans-close-at-the-end-of-the-month/#comments Thu, 30 Oct 2008 19:34:39 +0000 Greg Shuey http://utahmortgagenow.com/?p=35 SHARETHIS.addEntry({ title: "Why Do FHA Streamline Loans Close At The End Of The Month?", url: "http://utahmortgagenow.com/why-do-fha-streamline-loans-close-at-the-end-of-the-month/" });]]> Over the last few weeks we have been working on a few FHA Streamline Refinance loans and we have missed out on closing them in the month of October. Now we will have to wait until the last week of November to close them.  You might be asking yourself, why?

Well, the major reason why we close FHA loans the last week of the month, especially FHA Streamlines is because on FHA home loans, interest is calculated and paid on a monthly basis.  With conventional loans, interested is calculated and paid on a daily basis.

You see, if we were to streamline your current mortgage in the middle of the month and you have already paid all of your interest for the month up front, and then streamlines in the middle of the month, you would have to pay all of your interest again!  That is just no good.  We are trying to save you money, not have you spend anymore.

So, for anyone interested in a FHA Streamline, contact us and we will take your loan application, get your documents, get them to our amazing processor, find out what interest rate you are trying to get, once we can get your rate, we will lock the loan, and then we will close at the end of the month.  It is honestly as simple as that.

To get your steamline started or to find out what interest rates are, click here.

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]]> http://utahmortgagenow.com/why-do-fha-streamline-loans-close-at-the-end-of-the-month/feed/ 0 The Beauty of FHA Streamline Loans http://utahmortgagenow.com/the-beauty-of-fha-streamline-loans/ http://utahmortgagenow.com/the-beauty-of-fha-streamline-loans/#comments Mon, 29 Sep 2008 14:42:41 +0000 Greg Shuey http://utahmortgagenow.com/?p=24 SHARETHIS.addEntry({ title: "The Beauty of FHA Streamline Loans", url: "http://utahmortgagenow.com/the-beauty-of-fha-streamline-loans/" });]]> On Thursday I was meeting with a potential client of ours who had an FHA loan here in Utah.  They wanted to explore their options when it came to a refinance.  They looked at FHA loan interest rate, they didn’t have bad credit, so their rate was actually going to be pretty low.

I am a huge, I mean huge fan of FHA Streamline Refinance loans especially here in Utah.  They are the perfect solution for anyone who has an FHA home loan and looking to lower their interest rate and lower their monthly payment.  We took a few minutes to go over the guidelines (which are very few) and they were sold on the idea.  You see, this type of mortgage program offers many different benefits over other types of refinance loans. One thing that really impressed our client is the fact that they didn’t have to go home and sort through all of their financial info.  With an FHA Streamline, you need little or no documentation and it can pretty much be done the first time you come into the office.  They were also thrilled that they didn’t have to have their credit pulled and analyzed as most people who refinance have to do.  This lessens the time that you loan is in underwriting and it gets things moving along much quicker.

You need to know that just about anyone with an FHA home loan can get an FHA Streamline Refinance.  The only people who cannot qualify for an FHA Streamline are those who have been late on any of their mortgage payments.  If you live in Utah, have an FHA loan, want to lower your interest rate and monthly mortgage payment, an FHA Streamline Refinance is for you!  Click here to contact us and get your streamline started today!

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