Fha streamline refinance Meaning and Definition
Fha Streamline Refinance
Pronunciation
/ˈeɪtʃər ˈstraɪmˌlaɪn rɪˈfɪnəns/
Part of Speech
Noun
Definition
A type of mortgage refinance loan provided by the Federal Housing Administration (FHA), which allows homeowners to refinance their mortgage without the need for appraisal or credit checks.
Examples
- FHA streamline refinance programs can help homeowners save time and money by streamlining the refinance process.
- Homeowners who have an FHA-insured mortgage may be eligible for an FHA streamline refinance to reduce their monthly payments.
Synonyms
- Mortgage Refinance
- Home Loan Refinance
Antonyms
- Mortgage Default
- Foreclosure
Etymology
The term “FHA” stands for Federal Housing Administration, which was established in 1934 to provide mortgage insurance to homeowners. The term “streamline refinance” refers to the streamlined process of refinancing a mortgage without the need for appraisal or credit checks.
Usage Notes
The FHA streamline refinance program is typically used by homeowners who have an FHA-insured mortgage and want to refinance their loan to a lower interest rate or to switch from an adjustable-rate mortgage to a fixed-rate mortgage.
Cultural References
FHA streamline refinance programs are not commonly referenced in popular culture, as they are primarily used in the mortgage industry.
Idiomatic Expressions or Phrases
There are no idiomatic expressions or phrases that specifically include the term “FHA streamline refinance.”
Related Words or Phrases
Mortgage Refinance, Home Loan Refinance, FHA Mortgage Insurance, Mortgage Insurance Premium (MIP)
Collocations
FHA streamline refinance with Fannie Mae, FHA streamline refinance with Freddie Mac, FHA streamline refinance with private mortgage insurance
Frequency of Use
The term “FHA streamline refinance” is commonly used in the mortgage industry, but it is not as widely used as other mortgage-related terms.
Common Misspellings
Fha Streamlin Refinance, Fha Streamline Refinans, Fha Streamline Refinancing