- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (5)
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Hi, Vikas.
Are you related to Kapil?
Are you related to Kapil?
- Clay Branch, "Georgia Loans"
- Contributions:7836
Yes, you can do a streamline changing from a 30 Yr to a 5/1 Arm.
- Steve Greene, "Steve Greene"
- Contributions:67
Please do some investigating with respect to the current value of your home. There is an option of doing an FHA streamlined refinance without an appraisal. Good luck.
- Howard Vernick, "HowardVernick"
- Contributions:47
You can change programs with an FHA streamline refinance, but you will have to make sure that your monthly payments drop at least 5%.
You would use the streamline refinance process because there is no advantage to do otherwise.
If you property does not appraisal you can choose to refinance with an FHA streamline refinance without an appraisal. You would either have to pay the closing costs in cash or choose a higher than market rate and let the lender use their premium pricing to pay your closing costs.
Actually taking this route takes away any risk on your part becuase you would be lowering your rate to where your payments are at least 5% below where they are now at no cost to you.
Good Luck
You would use the streamline refinance process because there is no advantage to do otherwise.
If you property does not appraisal you can choose to refinance with an FHA streamline refinance without an appraisal. You would either have to pay the closing costs in cash or choose a higher than market rate and let the lender use their premium pricing to pay your closing costs.
Actually taking this route takes away any risk on your part becuase you would be lowering your rate to where your payments are at least 5% below where they are now at no cost to you.
Good Luck
- James Peters, "JamesRPetersSr"
- Contributions:98
If you have good credit and are 95% equity or below you might want to look at a conventional loan 5/1ARM. It will be a better rate with a lot lower mortgage insurance.
Loan options
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.