With mortgage rates hovering near all-time lows, you might want to consider refinancing your mortgage in order to free up some extra cash by lowering your monthly payments.
However, home prices are down from where they were at the housing market's peak, making it more difficult to accomplish this task. Appraisals can be one more hurdle in this process. However, there are some options if you are looking to refinance your mortgage without one, such as a VA streamline or an FHA streamline.
VA Streamline Refinance
In order to use a VA streamline, you must first be a military veteran or active duty personnel and have a current VA loan.
Some benefits of a VA streamline refinance include:
FHA Streamline Refinance
Meanwhile, if you are not a current or former military servicemember, you might qualify for an appraisal-free refinance through the Federal Housing Administration.
In order to qualify for this program, there are a few basic requirements:
qualify.
You can actually choose to complete an FHA refinance with or without an appraisal.
However, if you opt out, your new loan cannot be larger than the original one.
FHA refinances without an appraisal are required for rental houses or investment properties.
Take Advantage of the Market
Mortgage rates have dropped to record lows, making refinancing more attractive than ever. Refinancing your home loan without an appraisal through a VA or FHA streamline can significantly lower your monthly mortgage payments, and give you further financial safety.
The higher your current interest rate is, the more you can save. Contact a Freedom Mortgage representative, who can show how much your monthly payments could drop.
However, home prices are down from where they were at the housing market's peak, making it more difficult to accomplish this task. Appraisals can be one more hurdle in this process. However, there are some options if you are looking to refinance your mortgage without one, such as a VA streamline or an FHA streamline.
VA Streamline Refinance
In order to use a VA streamline, you must first be a military veteran or active duty personnel and have a current VA loan.
Some benefits of a VA streamline refinance include:
- It requires little or no out of pocket expenses, including most closing costs and other fees. Instead, you can roll these costs into the balance of the new loan to keep your savings intact.
- Interest rates are normally lower than the rates received by non-military borrowers.
- Rates that will not go up during the life of the loan.
FHA Streamline Refinance
Meanwhile, if you are not a current or former military servicemember, you might qualify for an appraisal-free refinance through the Federal Housing Administration.
In order to qualify for this program, there are a few basic requirements:
- Your mortgage must already by backed by the FHA.
- You must be current on the loan's payments.
- You must have shown good payment behavior during the past year.
- The refinance must allow you to drop your monthly principal and interest payments.
- You cannot withdraw cash from the mortgage.
qualify.
You can actually choose to complete an FHA refinance with or without an appraisal.
However, if you opt out, your new loan cannot be larger than the original one.
FHA refinances without an appraisal are required for rental houses or investment properties.
Take Advantage of the Market
Mortgage rates have dropped to record lows, making refinancing more attractive than ever. Refinancing your home loan without an appraisal through a VA or FHA streamline can significantly lower your monthly mortgage payments, and give you further financial safety.
The higher your current interest rate is, the more you can save. Contact a Freedom Mortgage representative, who can show how much your monthly payments could drop.