There are many myths about regaining your current home loan. One myth is about the Conventional Streamline. Another myth is that you need to save at least 1% in rate on your mortgage to make the refinance worth it. A myth is a widely held thought that is false. That is correct, the Conventional Streamline Refinance and the requirement to save at least 1% are both myths.
Kevin Martini is the Senior Mortgage Strategist with the Martini Mortgage Group at Benchmark Mortgage and in the 63rd edition of the Martini Mortgage Podcast some defiance myths are talked about and the facts are shared about refinancing your current home loan.
Conventional Streamline Refinance
A common question Clients ask Kevin Martini is whether there is a Conventional Streamline Refinance program. The answer is…there used to be however today it no longer exists.
In the past, there used to be something called HARP. HARP was an acronym for Home Affordable Refinance Program however this program expired in December 2018.
Today a Conventional refinance requires an appraisal and documentation regarding income and assets. Sadly there is no Conventional Streamline Refinance however there are Streamline Refinance Programs with the Federal Housing Administration (FHA) and the Department of Veteran Affairs.
Yes, if you have a FHA Home Loan there is an option to do Streamline Refinance with Martini Mortgage Group at Benchmark Mortgage that requires almost no documentation.
The same is with the Department of Veteran Affairs VA Home Loan. The VA Home Loan offers a Streamline Refinance, it is called the IRRL (Interest Rate Reduction Loan). Just like the FHA Streamline, it basically requires no documentation with the Martini Mortgage Group.
Does refinancing make sense for you and your family?
The truth is no website, blog or podcast can answer this question — only after consultation with a trusted and experienced Mortgage Strategist can this be answered. If you want or need help call Kevin Martini or Logan Martini for a custom refinance solution at (919) 238-4934.
Kevin Martini | NMLS ID 143962 | Senior Mortgage Strategist & Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 223 S West Street, Suite 900 Raleigh, NC 27603 | (919) 238-4934 | www.KevinMartini.com | Kevin@KevinMartini.com | Equal Housing Opportunity
Logan Martini | NMLS ID 1591485 | Mortgage Strategist | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 223 S West Street, Suite 900 Raleigh, NC 27603 | (919) 238-4934 | www.LoganMartini.com | Logan@KevinMartini.com |Equal Housing Opportunity