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TEXAS FHA MORTGAGE
– THE FHA TO FHA REFINANCE PROCESS
The FHA streamline refinance is a benefit that is built into every
FHA mortgage. This gives you the option to easily refinance if a
lower interest rate is available. Here are the main steps involved:
- Call for a
rate quote or send the online quote form.
- We will quote
you a rate and see if it would make sense to refinance.
- You are given
a good faith estimate that includes costs and the new payment
amount.
- You decide if
the good faith offer is acceptable and give us a decision to
proceed.
- An appraisal
is done of your home. (Sometimes this is not necessary)
- Your
application is processed and a final approval is given.
- New loan
documents are drawn and sent to a title company that is convent
for you.
- The title
company produces a HUD statement showing final numbers for
costs. This is at least one day before closing.
- You get an
appointment at the title company to review and sign documents.
- Your
refinance is funded three days later.
- The new lower
finance rate begins at closing and you first payment is usually
the first day of the second month after closing. For example if
you close on March 10; the first payment would normally be May
1.
It really is a very simple process! Please call one of our loan
officers at 1-866-433-0500 if you have any questions.
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