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Streamline refinancing is a certain refinancing transaction which extends the loan without actually knowing how much the collateral for that loan is worth. This may be a riskier loan because it (a streamline refinance) allows the borrower to refinance even if they are underwater... which is when what they owe on the loan is higher than the value of the home.
These refinances only apply to FHA borrowers who are current on their loan payments. Streamline refinances have become more popular and now account for approximately 20% of all FHA-backed loans. (They were only at about 6% two years ago). If a borrower is underwater, a streamline refinance may be more expensive. But, it does help borrowers to be able to take advantage of lower mortgage rates, because the borrower would typically not be able to qualify for a refinance.