Marketing Tips for Mortgage Brokers of FHA Streamline Refinances
By Scott Tucker
The best way to market FHA streamline refinances is to make a client understand what he stands to gain by taking it as well as what he could lose if he opts for another kind of loan.
What is FHA Streamline Refinancing
The best way to think of FHA streamline refinancing is as a shortcut to taking out a better mortgage overall. People who qualify for a FHA streamline refinance loan can get their current interest rate lowered right away and usually without even having their home subjected to a lengthy appraisal first. With FHA streamline refinancing, clients will also have lesser paperwork to deal with, something that many clients have reason to be thankful of.
In explaining what FHA streamline refinancing is to your client, try retracing the steps for taking out a mortgage. Highlight the tasks that are not just time-consuming but costly as well, tasks that will be immediately removed from the equation if they pass for FHA streamline refinancing.
Who Can Apply for FHA Streamline Refinancing
Unfortunately, not everyone is qualified to obtain FHA streamline refinancing. Firstly, the client's original or first home loan must have been provided by the FHA. In view of this, you should take the initiative of contacting old clients whom you've helped secure a FHA loan on their homes. They might not know they're in need of FHA streamline refinancing or what they stand to gain from it, but thankfully, you're here to enlighten them.
Another requirement is that your FHA loan must be of good standing. Your payment history should only reflective positive behavior from you.
How Can People Benefit from FHA Streamline Refinancing
One thing you should let your clients know is that FHA streamline refinancing doesn't offer them a cash-back option. Simply put, FHA streamline refinancing is only used to help them reduce their monthly interest expenses. From there, clients will be able to receive extra money and put it to better use.
You have to make this clear to your clients as FHA streamline refinancing is truly not ideal for all mortgage takers. If you believe that a client is in greater need of a cash-out refinancing loan rather than streamline refinancing, it is your responsibility to steer your client to the right direction.
Having an original home loan that is an FHA loan with a good status is a must to qualify for a streamlined refinance. Also, the payments of your monthly interest must be lowered by the refinance. Although there is no option to receive cash back, it's good to know that this refinancing option can reduce your monthly expenses. If you are someone with a good financial standing and you don't have any significant debt, this will work well for you as it allows you to get some monthly extra money that you can use on other ventures.
To end on a lighter note, those who do qualify for and will benefit from FHA streamline refinancing can also look forward to include closing costs in the total loan amount of FHA streamline refinance.
The Final Marketing Touches for FHA Streamline Refinancing
FHA streamline refinancing is ideal for people with little need for a huge amount of money but can benefit greatly from lowered monthly expenses. As a mortgage broker, it's your job to make them see what you're seeing. Do that and it's impossible for any of your clients to refuse taking out a FA streamline refinance loan!
About the author
Scott Tucker tells you more on his free audio CD, free e-book, free faxed report, & free telephone seminar, all available for the asking, at www.MortgageMarketingGenius.com/newsletter from http://www.FreeArticlesAndContent.com
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