Did you know you can refinance your Kentucky FHA mortgage with no appraisal? It’s called a FHA Streamline Refinance. It requires little qualification and it has no appraisal requirements. The benefits are obvious, a homeowner with a Kentucky FHA loan can refinance to a lower rate even if the property value has decreased.
An added benefit of the FHA Streamline Refinance is the cost, many cost such as title fees, doc prep fees, appraisal fees etc. are reduced or eliminated. Since the can not be adjusted to include fees, it is important to minimize cost, thus reducing your cash-out of pocket.
Another option for is to raise the interest rate. Many lenders call this a “No Cost Refinance.” While the title is somewhat misleading as there is a cost in a higher interest rate, it is an effective tool for eliminating cash-to-close.
The Kentucky Mortgage FHA streamline refinance is a government backed mortgage that can help homeowners reduce their monthly by reducing their mortgage rate. A streamline refinance mortgage in Kentucky can be one of the simplest and most cost-effective ways to refinance your mortgage. Unlike some modification loans, the streamline refinance does not have any negative consequence on your credit rating.
- Present mortgage must be a Kentucky FHA mortgage.
- Written application, complete with present mortgage info.
- Mortgage credit rating – must be current on the existing loan with no late payments in the last twelve months.
- You must have owned your current home for at least six months.
- No appraisal is required, unless you want to include your closing cost in the loan.
Senior Mortgage Loan Officer
Key Financial Mortgage
107 S. Hurtsbourne Parkway
Louisville Ky 40222
CALL 502-905-3708 FOR YOUR SAME DAY APPROVAL…Free Credit Report included