I continually receive cards in the mail from different company's trying to sell me a Streamline Loan. MortgageGuru or usmcvet, are these loans legitimate?

Hey Brother, I'm unsure about that type of loan, so when "MortgageGuru" see's this, hopefully he can answer your question.

Semper Fi

John

quote:

Streamline Loan

The VA and FHA have allowed these for years. They are a way of refinancing without taking out equity in the house. They are only allowed if the payment would be lower. There is a cost. Do a Google search for more info.

A Streamlined Refinance is simply doing a loan in order to reduce the interest rate, payment, or term of your existing mortgage. They can be done with closing costs or without. The no closing cost option has a higher interest rate than normal because the lender is using the yield spread to cover the costs. What is your current interest rate and term of your loan?

Paul
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