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Refinancing your current loan can be helpful in saving you money over the duration of the loan term by lowering your interest rate, or it can allow you to extract cash equity (cash out) accrued in your home to pay off any debts or make improvements on the property. If you have an adjustable-rate loan you may even consider refinancing to a fixed-rate loan in order to secure your interest rate. Or, you may want to change your loan from 30 years fixed to 15 years fixed in order to minimize the amount of interest paid over the life of the loan, this is a change in the loan term.

In an ideal situation, the value of your home will have risen since you first purchased allowing you to access that equity through a cash-out refinance. Taking “cash out” allows you to borrow money against the home due to that increase in the home’s value. This can be extremely helpful in consolidating and paying off any other debt you may have (car loans, medical bills, credit cards), or even be used to reinvest in the home for improvements or additions.

The FHA streamline refinance program is one of the simplest ways for FHA loan holders to lower their interest rate. Unlike the mountains of documents and personal information that conventional loans require you to collect, the streamline does not require the homeowner to obtain an appraisal or verify their income/assets. Long Beach Home Loan Corp. FHA streamline refinances are much simpler and less stressful than a typical conventional refinance.