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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