How does FHA streamline refinance work?

Hi Debbie V. It’s great that you are looking for ways to save money in today’s economy. FHA Streamline is a refinance program that could get you a lower rate on your FHA mortgage without an extensive qualification process, in fact, no appraisal is required. FHA Streamline is offered at a 5 year ARM, or a 15-year or 30-year fixed loan so you can pick whichever term works best for you. Since your rate is higher than today’s mortgage rates it’s worth checking into to save a little money. You do not have to go through your current lender. Any lender that offers FHA Streamline is able to assist. Hope that helps!