FAQ (Frequently Asked Questions)....

If you do not have an FHA or VA Mortgage then click here to fill out a short and Free Application

"How can Empire streamline my FHA or VA Loan at NO COST TO ME"?

By charging a slightly higher than market interest rate you may have all closing costs incurred by Empire Equity while refinancing only the principal balance of your current loan. This allows you to not only lower your rate but lower your current principal and interest payment as well with no cost to you.

"How does Empire make money on a Streamline Loan when there is no cost to me and nothing is added to my loan"?

More than likely we will place your loan with a larger FHA/VA lender who pays us for placing your loan with them. The money, normally our profit, is utilized toward closing costs and fees. With closing over 350 to 400 streamline loans per month on average we have become one of the nations largest streamline brokers.

"What is Empire's interest rate"?

The interest rate varies on a daily basis depending on the Treasury Bond Market. Due to the volume of streamlines Empire closes each month, it allows us to be more competitive than any competitor.

"When will I be approved"?

If you are refinancing your FHA/VA loan through Empire and meet the qualifications required through HUD we can close your loan in less than 3 to 4 weeks of receiving your documents.

"Why can't I just go through my current lender and streamline"?

HUD guidelines call for an approved broker to do the true "streamline no cost rate reduction program", which Empire Equity is. You are not required to use Empire Equity for refinancing your FHA loan, however, we feel that we have the expertise, experience and professional capabilities to provide superior services.

"What should I expect from the government streamline refinance program"?

	A lower interest rate or term (your choice)
	No Application fee
	No Appraisal fee
	No points
	All closing costs may be by Empire Equity, they are not added back to the loan balance like a traditional refinance. You refinance the principal balance only.

 "How do I qualify for Streamlined refinancing"? 

	No open judgments or liens against the property, or the borrower.
	Second mortgages or Home Equity Loans must be subordinated.
	Cannot currently be in Bankruptcy. (Prior bankruptcy must be discharged).

"What items will I need to complete a Streamline application"?

1. Copy of Social Security Cards for all borrowers.
2. Note from current mortgage
3. HUD-1 Settlement Statement from previous closing.
4. Homeowners Insurance Declaration Pages
5. Title Insurance Policy schedules A & B (not needed in Maryland or Colorado)
6. Survey (In Ohio and Florida only).
7. Buy Down Agreement & Schedule (if buy-down mortgage)

"What happens after my Streamline application is received by Empire"? 

You will receive one (1) or two (2) Good Faith Estimates, one from Empire Equity and one from the Lender that is funding the new loan. You can disregard fees on Lender Good Faith Estimate (except for a VA funding fee if a VA loan); these are for illustration purposes only. Empire's Good Faith Estimate reflects all closing costs being paid by us. In most Cases the CUSTOMER DOES NOT PAY CLOSING COSTS. (only VA funding fee if applicable)
"Cash from Borrower" reflects the total of your current mortgage payment, plus the estimated escrow amount needed to start your new account which will be refunded to you from your current bank within 30 days of closing.
 All FHA streamlines close toward the end of each month. You will be contacted to set an exact closing date and time that is convenient. Remember, you are not paying any closing costs, and we are not adding anything to your loan amount. In addition, you always have a 3 day right-of-rescission (cancellation).

"What happens at the closing"?

Both Borrower and C0-Borrower need to bring in two (2) forms of I.D.
You must bring in two (2) checks. (VA may vary). One check in the amount of the mortgage payment that is due to the current lender that month. The second check, post dated for thirty days, is for the establishment of a new escrow account. (You will receive a rebate check from your current bank usually covering the entire amount).
Empire will pay the escrows at closing and hold the customer's check for 30 days. The customer will get a refund from their previous mortgage company within the 30 day time period. The rebate may not be equal to the funds needed to establish new escrow accounts. This depends on whether enough funds were originally collected at the purchase closing. If customer has a severe escrow shortage, Empire may help arrange a possible payment plan.