Submitted November 28, 2014
I have a mortgage for 8 years, with never 1 late payment. My mortgage company will not give me a streamline refinance. How can I get one?
A streamline refinance is an FHA loan type. Often times if you apply for a mortgage and you have a low loan to value and great credit one can get an approval with an appraisal waiver which is the same as a streamline refinance other than a proof of income requirement.
I think that sometimes people get focused on wanting a streamline loan when they should just go ahead and get a regular loan. Some lenders are able to offer streamlined loans if they service the loan in their portfolio but the rates are higher than going to a new lender.
You may have to prove your income and provide documentation but it will net you a much better rate so it is worth it. I don't do loans in NY but you should check with a mortgage company and not a bank.