While the housing market in general may be facing downward trends in new home prices, mortgage rates, and sales, the housing climate is perfect for current homeowners to take advantage of historically low mortgage rates and refinance their loans.
With the opportunity to save thousands of dollars over the life of their loans, homeowners are looking for the easiest, fastest ways to refinance and begin paying lower rates on their home mortgages. Lenders have not turned a blind eye to the current need, and offer several options for homeowners who are in a position to refinance. A new, expedited loan called a Streamline Refinance enables homeowners to refinance under current rates using the same paperwork they used to finance their homes initially. This process saves lenders and owners time and money both on the paperwork process and on home payments.
By refinancing your home, you enable yourself to pay less each month on your mortgage, or enable yourself to pay off your mortgage more quickly than before. This enables you to save loads of money over the life of your loan and allows you to use the money in others areas where it might be needed.
A streamline refinance is just one of several options available for those homeowners looking to refinance their loans. A licensed mortgage lender can help you decide what the best kind of refinance is for you.