The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages into today’s mortgage rates.
It is important to remember that the FHA Streamline Refinance loans aren’t the same as cash-out refinancing programs, and you won’t get any more than up to $500 cash. The main benefit with Streamline FHA-guaranteed loans is that your monthly payments are permanently lowered. The extra money you have at the end of the month can go a long way toward helping you reach your financial goals.