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Mortgage refinance rates are steadily creeping upward, so if you’ve been toying with the idea of a refinance, it might be best to do it sooner rather than later. If you’ve got an FHA loan, you can go with a streamline refinance or transition to a conventional mortgage. Going with a conventional.
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If you have an FHA loan, though, you must wait at least 6 months before refinancing with the FHA streamline program. Whether or not your mortgage has a pre-payment penalty clause Double-check that there’s no pre-payment penalty clause in your mortgage.
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FHA streamline refinance waiting period requirements: You have made at least six on-time payments on your current FHA mortgage It’s been at least six months since your first payment due date 210 days have passed since the day your current mortgage closed in escrow
59% of respondents knew that refinancing was an option but chose not to refinance. Those ages 30-44 were most likely to be aware of auto refinancing options, but only 20% had taken advantage of them.
The limitations that could prevent you from pursuing this type of refinance can include: You must have a current FHA mortgage. As we mentioned already, you need to have an FHA home loan to qualify for an FHA streamline refinance. If you have a conventional mortgage or any other type of loan, this program is not an option.
As mentioned earlier, FHA requires a one year mandatory waiting period to qualify for a FHA Loan after loan modification Borrowers needs to have been been timely with all of their payments in the past twelve months after the loan modification However, many mortgage lenders have their own waiting period after loan modification requirements