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I live in a condo in Inglewood, California. I have a high 30-year fixed rate and am looking to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] to a lower rate. My FICO score is excellent. I am currently with Citi Mortgage and it is doing conventional streamline refinance loans for "certain" customers. I was told that my mortgage loan account no. does not have the "code number" in it that would put me in the "certain" customers category. Does anyone know of a lender that does conventional streamline refinance loans?

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A streamline refinance is a Rate & Term transaction without adding any additional monies to the Principal Balance. The required documentation is typically reduced and appraisal could even be waived. There are also "no cost" refinance programs which are almost anywhere with very competitive Interest Rates because of the market dropping to historical lows. Walk into a local bank or contact your broker and you should have no problems. I hope this helps...

Like | Dislike | Share | Posted: Wed, 04/01/2009 - 16:14 | Post subject:

GCrawford's picture
GCrawford | Joined: April 1, 2009 03:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I understand the whole streamline refinance loan program. However, in California, it appears to me that the lenders here are only doing "FHA" streamline refinance loans and not "Conventional" streamline refinance loans. Although, and as I said in my previous email, my current lender Citi Mortgage told me that it is doing this type of refi loan, however, only for certain customers and I am not one of them although my FICO score is in the mid-700s and I have always made my payments on time and I am gainfully employed at a law firm as a legal assistant. Do you know of any lenders that are licensed to do a "conventional" streamline refinance loan in California? Your help and expertise is very much needed and appreciated. Thanks.

Like | Dislike | Share | Posted: Wed, 04/01/2009 - 17:02 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To answer the question, no. I don't believe the lenders have "un-rolled" the conventional streamline programs yet. You are more than likely going to receive a better interest rate by simply refinancing. I would compare both a no-closing costs/appraisal fee refinance to a standard refinance. If the reduced documentation and no appraisal is the attraction of the streamline, then I would suggest waiting a few weeks as the programs are on their way. I hope this helps....

Like | Dislike | Share | Posted: Wed, 04/01/2009 - 17:17 | Post subject:

GCrawford's picture
GCrawford | Joined: April 1, 2009 03:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, your comments do help. Hopefully, the banks will have such loan programs for those of us that have conventional loans with high interest rates. Thank you.

Like | Dislike | Share | Posted: Wed, 04/01/2009 - 17:28 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi SCaughman!

Welcome to forums!

As far as I know, lenders have stopped giving no income verification loans. Before accepting this offer from your lender, you should get a written document from your lender mentioning that you can refinance it without income verification.

Sussane

Like | Dislike | Share | Posted: Wed, 08/05/2009 - 00:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a lender that has qualified me for a 5/1 arm right now with my income and tells me I can get a conventional loan streamline refinance in about 3months which will not verify my income, is this true? Thank you

Like | Dislike | Share | Posted: Tue, 08/04/2009 - 20:51 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

There are still a few lenders originating loans with no income verification. However, it is difficult to find banks to do that in California.

Like | Dislike | Share | Posted: Wed, 08/05/2009 - 20:10 | Post subject:

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