How To Refinance Without a Credit Check
Finding a simple and easy refinance is a challenging endeavor. Most finance companies require a full appraisal, a verification of income (which can be tricky if you're self-employed), and a full analysis of your credit report. Getting around a credit check on a refinance is only possible one way: through a streamline refinance with the Federal Housing Authority. Getting approved for a streamline is relatively simple.
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Instructions
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Check your existing mortgage documents. Those are the ones you signed at your last refinance or when you bought the property. In order to qualify for a streamline your current loan must be insured by the Federal Housing Authority (FHA). The FHA stamp will be on your mortgage note. Call and ask your lender if you're unsure.
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Contact either your existing mortgage lender or any FHA-approved lender to fill out a streamline refinance application. See Resources for a list of approved lenders. You must process a streamline through an FHA-approved lender. These lenders have your previous information on file.
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Make sure the lender has all the necessary information to complete the streamline application. While most of your demographic and income information should carry over, there may be some particulars that the loan officer will need.
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Wait for an approval. If the resulting rate--based on your previous credit score from your existing mortgage--on a streamline refinance is lower than your current rate, you'll be approved. This could take as little as a few days.
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