The closing of your FHA streamline loan refinance is a very
important and can be broken down into two important components:
- Funds to Close - money, if any, needed to close your
loan.
- Closing Date - date loan is funded and recorded.
Dependant on the fee structure you
selected (for more information on fee structure options, click > Here) you may have to
bring funds for closing. These funds will need to be deposited into escrow via a cashiers
check, prior to closing your loan.
The closing date is the most
important part of the streamline loan process. As FHA streamline loans must be closed on
or before the last business day of the month or you will have to pay an additional 30 days
worth of mortgage interest as required by FHA.
As with any mortgage refinance,
there is a three day "right of recession", which allows you to cancel the loan
up to three days after signing your final loan documents. Based on this requirement, you
must sign your loan documents a minimum of 5 days before the end of the month, allowing 2
days for the funding and recording of your new loan.
If you have not signed your loan
documents at least 5 days before the end of the month, you will need to wait another month
to close your FHA streamline refinance to minimize your closing cost and avoid the
pre-paid interest that FHA requires when closing at the beginning of the month.
Now you understand the basics of
the FHA streamline refinance, take a moment to discover your refinance options and learn
your potential interest and monthly payment savings with a free, no obligation
>>> Mortgage Refinance Analysis or apply online now.
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