Rate Reduction vs. Traditional Refinance
CBC National Bank’s Streamline Rate Reduction Program vs. Traditional Refinance
The CBC National Bank’s Streamline Rate Reduction Program is a streamline refinance. However, there are distinct differences that separate the transaction from a typical refinance offer. Here is a comparison:
CBC National Bank’s Streamline Rate Reduction Program
Traditional Streamline Refinance Transaction
- No Income Verification
- No Asset Verification
Although HUD mandates that all streamline transactions provide a borrower benefit, we go one step further. Typically when a borrower refinances with a mortgage company or a bank, the settlement fees (title fees) and lender fees are paid at closing or added to the loan balance. Our Streamline Rate Reduction Program requires no upfront fees, no appraisals, no inspections, minimal documentation and… we will pay ALL of the settlement charges In many cases, title fees alone can exceed $2,000.00, so having the fees credited may be beneficial. See our transaction comparison.
Ideal candidates for a streamline interest rate reduction are willing to forego the lowest rates available, in exchange for a slightly higher rate with no settlement or lender fees added to the principal loan balance. As a result, FHA and VA streamline candidates that elect to use the Title Fee Credit (TFC), reduce their monthly mortgage payment and/or mortgage term AND keep their balance virtually the same.
*Rates and terms subject to change based on market conditions and borrower eligibility. Restrictions may apply.Savings based on a $175,000 loan. Program not available in all areas. CBC National Bank’s processing center is located at 3010 Royal Blvd S, Alpharetta, GA 30022. This offer of credit is not guaranteed and is subject to credit approval.