How to Get a Streamline Mortgage Refinance Without a New Appraisal

Are you prevented from refinancing your home loan by a loss in value? You may qualify for a streamline home loan from your current lender.

Things You'll Need

• Telephone
• Steady jobs

Instructions

1. Find your current lender's phone number from your mortgage statement.

2. Call your lender and ask to speak with a mortgage consultant.

3. Ask if they have streamline refinance programs without requiring a new appraisal. If the streamline refinance program is available they should ask if you are looking for a FHA streamline or a Fannie Mae streamline.

4. If your lender has a streamline program ask for an application. Generally you have to be current on your payments and usually a new appraisal is not needed.

5. Figure out the closing costs and fees by asking for a good faith estimate.

6. Lock in your new rate if it is worthwhile to refinance. You can look online for a refinance calculator. Generally if the savings you reap per month could cover your closing costs in less than a year then it is a fairly good deal.

7. Close on your new loan and sign the new loan documents.

Tips & Warnings

• Ask to use the same Title company you used to get your original loan for a discount.

• Ask if there could be further deductions on fees. It doesn't hurt to bargain.

• Not all lenders will have the streamline refinance option. This is generally available for Fannie Mae and FHA conventional loans that met underwriting standards.

Resources

• All About Mortgages
• Fannie Mae