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Rate Reduction vs. Traditional Refinance
American Bank’s Streamline Rate Reduction Program vs. Traditional Refinance
The American Bank’s Streamline Rate Reduction Program is a streamline refinance. However, there are distinct differences that separate the transaction from a typical refinance offer. Here is a comparison:
1.No Income Verification
2.No Asset Verification
3.No Appraisal Option*
4.Title Fee Credit (TFC) Option*
5.Escrow Transfer Option*
6.Ongoing Market Notifications*
1.No Income Verification
2.No Asset Verification
Although HUD mandates that all streamline transactions provide a borrower benefit, we go one step further. Typically when a borrower refinances with a mortgage company or a bank, the settlement fees (title fees) and lender fees are paid at closing or added to the loan balance. By having the fees credited, the borrower avoids adding the fees to the loan balance. In many cases, title fees alone can exceed $2000.00, so having the fees credited is beneficial for many borrowers. See our transaction comparison.
Ideal candidates for a streamline interest rate reduction are willing to forego the lowest rates available, in exchange for a slightly higher rate with no settlement or lender fees added to the principal loan balance. As a result, FHA and VA streamline candidates that elect to use the Title Fee Credit (TFC), reduce their monthly mortgage payment and/or mortgage term AND keep their balance virtually the same.
See if you can use a Title Fee Credit (TFC) to reduce your upfront streamline costs. <Click Here>*All programs are subject to availability, conditions and market conditions.
The FHA streamline refinance program helps borrowers lower mortgage payments. American Bank specializes in FHA streamline refinancing transactions that lower interest rates and reduce mortgage payments without appraisals or income verification. FHA Streamline Refinances may be possible without increasing existing loan balances. FHA Streamline Refinances may close in as few as 15 days, depending on date submitted. American Bank specializes in VA Streamline Interest Rate Reductions with no income verification. VA Streamline Refinances may be possible without increasing existing loan balances. VA Streamline Refinances may close in as few as 10 days, depending on date submitted.
© 2010 American Bank. Trade/service marks are the property of American Bank or their respective affiliates and/or its subsidiaries. Some products may not be available in all states.
Kwe Parker is a professional mortgage specialist for American Bank that
specializes in showing FHA and VA borrowers how to use seldom publicized
methods to lower FHA and VA mortgage rates without the normal hassles
associated with refinancing. Kwe "Clay" Parker and his team have helped
thousands of FHA and VA borrowers reduce their mortgage payments.
American Bank
1526 York Road
Lutherville, Maryland 21093
