Income verification is not always necessary for an FHA Streamline Refinance. There are two types of FHA Streamline Refinance:

• Non-Credit Qualifying: Income verification is typically not required. Lenders assume that if you're making timely payments on your current mortgage, you'll continue to do so with lower monthly payments.
• Credit Qualifying: Income verification may be required. This type is necessary if you're removing a borrower from the mortgage or if the lender requires it based on their policies.

It's best to check with your lender about their specific requirements, as they can vary.

The impact of an FHA Streamline Refinance on your credit score depends on the type of refinance:

• Non-Credit Qualifying: This shouldn't significantly affect your credit score since the lender only considers fewer factors from your credit report.
• Credit Qualifying: Your lender will review your credit score, credit history, and full report. This can decrease your credit score slightly, but only temporarily.

In general, any new loan application may cause a small, temporary dip in your credit score. However, if the refinance helps you make payments more easily, it could positively impact your credit score in the long run.

No, you are not required to refinance with your current lender for an FHA Streamline Refinance. You can shop around and compare quotes from different lenders. However, keep in mind:

• The FHA Streamline Refinance program is only available to those who already have an FHA mortgage loan.
• While you can choose a new lender, your current lender might offer competitive rates or special deals for existing customers.
• Compare not just rates, but also closing costs and overall terms when deciding on a lender.

It's always a good idea to get quotes from multiple lenders, including your current one, to ensure you're getting the best deal possible.

Closing costs for an FHA Streamline Refinance typically range from 2% to 6% of the loan amount. However, they can vary based on several factors:

• You won't need to pay for a home appraisal, which can save you money.
• Costs may include title search and insurance, credit report fees, and origination fees.
• You'll need to pay an up-front mortgage insurance premium, which is typically 1.75% of the loan amount.
• Some lenders may offer to include your closing costs in the loan, but this will increase your loan amount and monthly payments.

It's important to get a detailed breakdown of closing costs from your lender and factor these into your decision when considering a refinance. For personalized information about closing costs, speak with one of our mortgage experts.