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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Is the Streamline Refinancing program a good choice?

Is the Streamline Refinancing program a good choice?

I have been in my home since 3/2008. I purchased it at a 6% rate for 285,000 FHA loan. The mortgage is $2200.25 per month. I recently called Wells Fargo to inquire about a HARP loan but that is only conventional loans through Freddie & Fannie Mae. Ok, so the banker tells me about STREAMLINING (I had never heard of this before). She stated that I could get locked into a 4.625 and that my mortgage would be 2020.00 (about $180 a month less). Is this a wise thing to do? It is difficult to pay my mortgage but I have never been late and just roughed it out.

Also, I can’t do a normal refinance because my home is worth only $225,000 now (there were SEVERAL foreclosures in my area).

Any suggestions on if I should do the streamlining, what are the pros and cons?

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One Response to "Is the Streamline Refinancing program a good choice?"

  1. Landlord says:
    Yes, I did exactly this.

    There are no drawbacks, this is the perfect solution for anyone with good credit. 100 times easier then a modification too. Your mortgage should drop more then that though.

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