If you’ve got an FHA loan and want to take advantage of today’s historically low rates, now is the time. Although the FHA Streamline refinance program has been around since the 1980’s with today’s low rates it’s an attractive option for those who’d like to save money. Since there are fees involved FHA approved lenders have two different ways to handle these refinances. For those who have the money available to pay the fees upfront, you will be offered today’s low rates. For those who may be cash strapped and find it difficult to pay these fees up front the lenders are making offers to do it with no charges but at slightly higher rates from which they will recover the costs.

Under FHA streamline rules the refinance must result in a lower payment for the mortgagee or it will not be approved. You must be current with your payments and not in default and no cash maybe taken out of the refinance. If you are struggling with your payments and want to put some money back in your pocket by reducing your monthly mortgage payment consider an FHA streamline refinance.

Not happy with you current lender, there are many approved FHA lenders who are interested in your business and would be happy to be of assistance. Don’t know how to contact them? LoanexFastCash.com does! By filling out our simple application form our mortgage experts will get the process that can save you money every month started today!

Here’s the basic requirements:

• You must currently have an FHA backed mortgage. This is not a program for people wishing to switch to an FHA mortgage
• The mortgage to be refinanced must be current (not in default).
• The refinance must results in a lowering of monthly principal and interest payments, or with certain provisions, converting an ARM to a fixed rate product.
• No cash is available when using the streamline refinance process.