Who should participate?
Who will benefit from participating in a FHA Streamline Interest Rate Reduction
Most people could benefit from a lower mortgage payment. However, the FHA streamline and VA streamline programs are extremely attractive when…
- You want a lower payment, but do not want title fees, closing costs and other origination fees added to your loan balance.
- You plan to pay the loan off early.When borrowers plan to stay in a home long-term, they are often concerned about the interest that they will pay over the life of the loan. Furthermore, many seek the convenience of not having a mortgage at all and being able to enjoy the latter years debt free. At CBC National Bank, we can structure an accelerated mortgage that keeps the payments affordable and reduces the term of the loan (years to pay) and lower the interest rate simultaneously. Enroll now!
- Your homes has declined in value and may not appraise for a traditional refinance.Countless conventional mortgage borrowers have excellent credit histories and are barred from receiving current low rates, because their homes will not appraise high enough to qualify for a new loan. This is especially the case for homeowners in areas that have seen declining home values in recent years. As unfair as this may seem, despite their proven ability to pay, they do not qualify for the lower rates given to new homeowners.FHA and VA mortgages are different at CBC National Bank. Participants are often not required to have their homes appraised. This means that existing FHA and VA borrowers need not worry about their property values and can enroll in the CBC National Bank Streamline Rate Reduction program. Enroll now!
- You want a larger percentage of each mortgage payment applied to your principal.Most people are disgusted by how little money from each mortgage payment is applied to principal, especially during the early months. Some try biweekly payments and other tools, but still pay more interest than they desire to pay.Although all mortgages require that borrowers pay interest, there are some loans that allow borrowers to pay less interest immediately and have a larger percentage of each mortgage payment applied to the principal loan balance. We can help borrowers, that can comfortably afford their current payments, use the CBC National Bank FHA Streamline Rate Reduction to get a new loan that requires that they pay less interest and also allows them to accumulate equity faster.
- You have one or more borrowers that may need to be removed from the mortgage.Unfortunately, circumstances change and borrowers on loans must sometimes be removed. Borrowers that occupy their homes can use the CBC National Bank Streamline Rate Reductionto remove former spouses or significant others (with proper permission) from the mortgage and receive a lower payment in the process, providing that they can income qualify to pay payments without the other borrower(s).In cases when a borrower is deceased, the CBC National Bank FHA Streamline Rate Reduction will allow the surviving borrower to verify that they have been able to make the last six (6) mortgage payments after the death and then they can receive a new loan with a lower mortgage payment and/or reduce the loan term. Enroll now!
- You paid a large lump sum towards the principal of your mortgage balance, but the payments have not been reduced to reflect the lower balance.Occasionally, borrowers pay a large lump sum (20% or more of the original loan amount) on their loan balances, in an attempt to reduce their overall debts, but they are surprised when their payments stay the same. Although the lump sum will allow the loan to be paid off faster, some borrowers would prefer to have their payment decreased to reflect the new balance. Unfortunately, lump sum payments do not change the amount that borrowers are required to pay each month.The CBC National Bank FHA Streamline Rate Reduction program will allow these borrowers to not only change the amortization on their loan and have their new monthly payment reflect the actual loan balance, but they can lower their payment even more by having a lower interest rate. Enroll now!
- You experienced or anticipate financial changes that may make the current payments less affordable.Things change. Maybe you earn less money than before. There may be new additions to your family. Unforeseen expenses may have increased monthly obligations and now there may be a need to restructure monthly expenses. The CBC National Bank FHA/VA Streamline Rate Reduction program may be a perfect way to lower your mortgage payment without having to endure the intense underwriting process required on traditional refinancing transactions. Enroll now!
There are countless reasons that people participate in FHA streamline and VA streamline transactions.