When shopping for a loan officer to help you with your California FHA streamline, be sure to ask him how your interest rate will be determined. It is not uncommon for FHA interest rates to change multiple times each day. It is important that you know up front what the rate is going to be for your streamline and it is not uncommon for the interest rate that you end up locking is not the same interest rate that your loan officer originally quoted you over the phone.
Why?
Because the interest rate that you will end up getting with your FHA streamline refinance is the one that is “locked in” when your loan officer actually locks your FHA streamline refinance with the investor.
You can check the California mortgage rates to get a good idea of what to expect to be initially quoted – here we have posted an average of what people are being quoted across the nation in real time. Remember, these are the averages of the quotes and you will want to speak with a loan officer about your particular file. Once you speak with your loan officer, be sure to be in constant contact with your loan officer once you start the paperwork for your California FHA streamline refinance until your loan is actually locked in with the investor.
One last thing, nothing is final until you have signed the final paperwork for your California FHA streamline refinance – you can change lenders at any time. If you have questions during the FHA streamline refinance process, and your loan officer isn’t answering them – it might be a good idea to switch lenders!
