When rates are low, many people want to refinance. And for those people who are in a FHA loan, the FHA streamline program is something that they can take advantage of to help lower their rate and decrease their overall mortgage expense. Bank of America is one of the largest lenders in the US and they have plenty of people who currently make their payment to them each month – AND – they do a decent job of alerting their customers to the possibility of being able to refinance.
Bank of America FHA Streamline: What You Want To Know
The first thing that you want to know is that just because you currently make your payment to Bank of America doesn’t mean that you have to use Bank of America for your FHA streamline refinance. When you have an FHA loan, you can use anyone you want as long as they are an FHA approved lender. The way the FHA programs work are that if you want to get an FHA loan, any FHA approved lender can help you get a new loan – regardless of who currently has your loan.
The Key To Saving Money
The key to saving money when thinking about the FHA streamline program is to shop around! The more lenders that you get a written quote from, the more chances you have to get the best possible deal on your streamline. Getting a quote is easy, but make sure that you get your quote in writing. If it isn’t in writing, chances are that it isn’t valid. Also, know that rates change every day – sometimes multiple times each day – so be sure to shop lenders in a short time period and keep the amount of time that you shop to a minimum so that you can lock in the best possible rate.
Start right here – get a free FHA streamline quote today!