What is a streamline mortgage?
High unemployment rates and excess debt cause American families to look for areas where they can lower their spending. Families in a financial crunch, who own a home should explore possibility of a streamlined mortgage.FunctionStreamlined mortgages refinance a home to make the payments more affordable for homeowners.TypesBorrowers may seek a streamlined mortgage to refinance a conventional home loan, an FHA insured loans including reverse or 203 (k) mortgages, or a loan insured by the Veterans’ Administration.BenefitsStream lined refinances always result in a lower monthly payment for homeowners. Most streamlined mortgages do not require the borrower to submit a property appraisal or a new credit report.Time FrameStreamline mortgages typically receive quick approval. Susan Huber, of Sun Trust Bank says, “Let’s say we had a conforming loan that was less than 12 months old that the borrower paid on time–we’re not looking for any documentation at that point. We could probably do it in ju
