Streamline Refinance

To qualify for a streamline refinance (or comparable program), you must already have a government-backed loan—either FHA, USDA or VA. 

• Your current mortgage needs to be in good standing, which means you’ve made your recent payments on time, typically for the last 6 to 12 months. 
• The refinance must also provide a clear financial benefit, such as lowering your interest rate or monthly payment. 
• Unlike traditional refinancing, a streamline refinance usually doesn’t require a new home appraisal, income verification, or extensive paperwork, making the process faster and easier. 

 A streamline refinance can lower your monthly mortgage payment by reducing your interest rate. This means you pay less each month and could save thousands over the life of your loan. Because there’s usually no appraisal, income check, or heavy documentation, you also save time and avoid added costs. At Oceanside Mortgage Company, we cover the settlement costs and don’t charge loan origination fees, which helps you start saving right away without paying out of pocket. 

 You can use a streamline refinance more than once, but there are rules. For FHA loans, you must wait at least 210 days from the closing of your last refinance or mortgage, and you need to have made at least six monthly payments on that loan. For VA loans, similar timing and payment history requirements apply. As long as you meet the guidelines and the new loan offers a real financial benefit, you may be eligible to streamline refinance again. This means you can do this process more than once to achieve an even lower interest rate in the future. 

 No, Oceanside Mortgage Company does not charge added loan origination fees. We are committed to making homeownership more affordable by minimizing overall costs. This means you won't pay extra fees to get your loan started, saving you money upfront. Additionally, for qualifying streamline refinances, we offer lender-paid closing costs, which can further reduce your out-of-pocket expenses.  

 At Oceanside Mortgage Company, the streamline refinance process typically takes around two to three weeks and can be completed almost entirely by phone or over the internet. This expedited timeline is possible because streamline refinances require less documentation, no home appraisal, and minimal underwriting compared to traditional refinances. Our efficient process helps you start saving sooner without the usual delays.