Q&A: Is the Streamline Refinancing program a good choice?

Posted on Oct 9, 2012 in HARP Refinance

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Question by Amelia J: 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, pills 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, more about 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, see 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?

Best answer:

Answer by Landlord
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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