What is a USDA Streamline Refinance?
For home buyers who have a low or medium income a USDA streamline refinance program can come in very handy as this program provides a borrower with 100% financing, no private mortgage insurance as well as construction loans. This loan has helped a lot of buyers to realize their dream of becoming a home owner – something they could not even think about in the past.
The USDA refinancing option which is officially known as the USDA Rural Refinance Pilot program has given a lot of people access to an appraisal free and unlimited –LTV refinance. Apart from this the other benefits of USDA refinancing includes:
- Very low or zero closing costs
- Low fixed monthly payments as well as low monthly mortgage payments
- 100% USDA financing
- Low USDA interest rates
- Zero pre-payment penalty
The USDA streamline process takes lesser time to close on a loan as it requires the borrower to submit less paperwork as compared to other loan option. Moreover, this loan program also requires no property inspection which is a big blessing because a borrower can save on average $400 to $500. Moreover, USDA streamline process allows you to roll the closing costs into the loan which means that one can refinance the loan having cash up front.
What to look for in a USDA Streamline Refinance Lender
In order to get all the benefits from your USDA streamline refinance it is necessary that you choose the best lender. Before finalizing your lender it is necessary that you talk to different lenders and then compare the interest rates that they are giving. Moreover, a borrower should have great negotiation skills in order to get the best deal.
Get in touch with a Lender today
As mentioned above, in order to get the best deal out of your USDA streamline refinance it is necessary for you to have the right lender. Speak with one of our USDA Streamline Refinance Lenders today at 877-342-7449.