Streamline Loans Slash Monthly Mortgage Payments

By Brian Curtis
|  Wednesday, Jul 29, 2009  |  Updated 8:41 AM CDT
View Comments (
)
|
Email
|
Print
Low Interest Rates Spark Streamline Loan Surge

Streamline loans are saving homeowners with Federal Housing Administration or VA loans big bucks.

advertisement
Photos and Videos

Low Interest Rates Spark Streamline Loan Surge

Streamlined loans are saving North Texans hundreds of dollars a month.
More Photos and Videos

Homeowners with Federal Housing Administration or VA loans are saving big bucks by refinancing with streamline loans.

"You don't have to have an appraisal in most situations," said Rodney Anderson, of Supreme Lending. "So even if the value of your property's gone down, you can still streamline refinance your loan in most situations.

Becky Rodriguez used a streamline loan to slash her monthly mortgage payment. Her rate went from 7.25 percent to 5 percent. She said she will save $342 a month.

The savings mean Rodriguez, a single mom, doesn't have to cut back on providing for her two daughters.

"It makes things easier in terms of the girls don't have to have budget cuts in their activities and things of that nature," she said.

In order to qualify for a streamline loan, Anderson said homeowners must:

  • Have an FHA or VA loan
  • Be employed
  • Have a credit score of at least 620
  • Have made their last 12 mortgage payments on time

For more information on streamline loans, visit: http://www.fha-home-loans.com/streamline_fha_loans.htm, www.rodneyanderson.com

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Get NBCDFW on Mobile!
Get NBCDFW's free news and weather... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out