An FHA Streamline Refinance is only permitted when it leaves you measurably better off. This tool applies HUD's published net tangible benefit thresholds and the 210-day seasoning and payment-history tests before anyone pulls your credit.
Does your FHA Streamline Refinance pass HUD's net tangible benefit test?
An FHA Streamline Refinance must pass three published tests: a net tangible benefit (for fixed-to-fixed, at least a 0.50 point drop in the combined note rate plus annual MIP rate), 210 days of seasoning with six payments made, and a clean recent payment history. Failing any one means the file is not a Streamline.
What this means for your mortgage
If your combined rate drops half a point and you have 210 days and six payments behind you, the lowest-documentation FHA refinance is on the table.
Reviewed by the licensed mortgage team at Simply Approved Mortgages · Last verified August 31, 2026 against HUD Handbook 4000.1
FHA Streamline net tangible benefit: key takeaways
The test uses the combined rate — note rate plus annual MIP rate
Fixed to fixed requires at least a 0.50 percentage point reduction
Fixed to ARM requires a 2.00 point reduction
210 days must have passed since the current loan closed
At least six monthly payments must have come due and been paid
One 30-day late is tolerated at 12+ months of seasoning, none before
FHA Loan Rates for An FHA Streamline Refinance
Everything on this page about An FHA Streamline Refinance comes back to one question: what does the loan actually price at? FHA pricing is set per scenario, so your credit profile, base loan amount, loan-to-value, property type, term and lock period all move the number you actually get. Run your scenario below and compare real FHA options side by side: note rate, provider APR, points or lender credit, and the payment that goes with each one.
Snapshot pricing unavailable
No current pricing snapshot — we never show sample rate figures.
Sample scenario: Florida primary residence, 30-year fixed FHA. Pricing is refreshed once every business day and can change between refreshes.
Loading the most recent FHA pricing snapshot…
Snapshot pricing is an example for the sample scenario described above. It is not a quote, an application, a pre-approval, a rate lock, an offer of credit or a commitment to lend, and it is not personalized to you.
APR is supplied by our pricing provider for the exact scenario priced. Other lender or third-party charges listed separately may not be reflected, and the final APR can change. Your final mortgage disclosures control.
A lender credit reduces eligible closing costs only. It cannot exceed those costs and is never cash back to the borrower.
Get my own FHA pricing
The three cards above are examples from the latest daily snapshot. Enter your own purchase price, down payment, credit score and location to see every eligible FHA option for your scenario, priced right now.
Current loan and proposed terms
Net tangible benefit
Test met — 0.875 pt combined-rate change
Current combined rate (note + annual MIP)
7.675%
Proposed combined rate
6.800%
Reduction achieved
0.875 pts
Reduction HUD requires for this structure
0.50 pts
Current payment (P&I + MIP)
$2,140
Proposed payment (P&I + MIP)
$1,918
Monthly change
$221
New loan amount incl. financed UFMIP
$289,988
210-day / six-payment seasoning
Met
Payment history test
Met
All three published tests
Met
Educational screening only. It applies HUD's published eligibility tests and does not consider lender overlays, the upfront MIP refund credit, or your actual pricing. Not a quote, rate lock, approval, or commitment to lend.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Reading the three Streamline tests
HUD lets a Streamline Refinance skip the appraisal and, in the non-credit-qualifying version, the income documentation. In exchange it applies three hard gates. Failing any one of them means the file is not a Streamline, no matter how attractive the new rate looks.
1. Net tangible benefit
The test is run on the combined rate — your note rate plus your annual mortgage insurance premium rate — not the note rate alone. That detail matters: a borrower whose annual MIP is scheduled to fall can pass on the MIP change even when the note rate barely moves, and a borrower moving from an older low-MIP loan can fail despite a meaningful rate drop.
Refinancing from → to
Required combined-rate change
Fixed rate → fixed rate
At least 0.50 point reduction
Fixed rate → one-year or hybrid ARM
At least 2.00 point reduction
ARM → fixed rate
New combined rate no more than 2.00 points above the current one
ARM → ARM
At least 1.00 point reduction
Any → shorter term
Combined rate does not rise and the payment rises no more than $50
2. Seasoning
At least 210 days must have passed since the closing of the loan being refinanced, at least six monthly payments must have been made, and the first payment due date must be at least 210 days in the past. A borrower who closed seven months ago and paid ahead still needs six due payments to have come and gone.
3. Payment history
Under 12 months of seasoning, every payment must have been made within the month due. At 12 months or more, one 30-day late is tolerated in the last 12 months, with a clean most-recent six months. Late payments are counted from the servicer's record, not the credit bureau's.
Illustration — a 0.88 point drop
A borrower with a $285,000 balance at 7.125% and a 0.55% annual MIP has a combined rate of 7.675%. A proposed 6.25% note rate with the same MIP is 6.80% combined — a 0.875 point reduction, comfortably past the 0.50 threshold for fixed to fixed. With 24 months of seasoning and no lates, all three gates are met. This is an illustration of how the test works, not an offer of credit or an available rate.
Do not confuse the benefit test with a good decision
Passing HUD's test only means the refinance is permitted. Whether it pays for itself depends on your closing costs and how long you keep the loan — run that separately in the refinance break-even calculator, and read the Streamline refinance guide for the upfront MIP refund schedule.
FHA Streamline net tangible benefit calculator: methodology and assumptions
Combined rate = note rate + annual MIP rate. The tool compares the current and proposed combined rates against HUD's published threshold for the selected rate structure, then separately evaluates the 210-day / six-payment seasoning test and the payment-history test. Payments are standard amortization on the balance, with the proposed loan including a financed 1.75% upfront MIP.
Assumptions used
• Non-credit-qualifying Streamline: no new appraisal and no financed closing costs beyond upfront MIP
• Upfront MIP of 1.75% financed into the new loan (Mortgagee Letter 2023-05)
• Annual MIP charged monthly on the loan amount, which is a simplification of the annual average outstanding balance method
• Rate inputs are yours to enter — this site publishes no rate for this tool
• Term-reduction exception applied when the combined rate does not rise and the payment increases by $50 or less
Limitations — what it does not include
• Any prorated refund of your original upfront MIP, which reduces the new upfront premium on FHA-to-FHA refinances within 36 months
• Lender overlays, which are frequently stricter than HUD's minimums
• Escrow account setup, per-diem interest and servicer payoff figures
• Credit-qualifying Streamline requirements where the borrower is being removed or added
• Whether the refinance actually pays for itself — see the break-even calculator
What is the net tangible benefit test on an FHA Streamline Refinance?
HUD requires that a Streamline Refinance leave the borrower measurably better off. For a fixed-rate loan refinanced into a new fixed-rate loan, the combined rate — the note rate plus the annual mortgage insurance premium rate — must drop by at least 0.50 percentage points. Other combinations, such as fixed to ARM, have their own published thresholds.
How long must I wait before an FHA Streamline Refinance?
At least 210 days must have passed since the closing date of the loan being refinanced, at least six monthly payments must have been made, and the first payment due date must be at least 210 days in the past. HUD also requires a clean recent payment history.
What payment history does HUD require?
For a loan seasoned less than 12 months, all payments must have been made within the month due. For a loan seasoned 12 months or more, no more than one 30-day late payment is allowed in the last 12 months, and all payments in the most recent six months must have been made within the month due.
Does a Streamline Refinance require an appraisal or income documentation?
A non-credit-qualifying Streamline Refinance requires no new appraisal and no income documentation, which is what keeps the closing costs low. Because there is no new appraisal, closing costs generally cannot be financed into the loan beyond the new upfront mortgage insurance premium.
Does reducing my term count as a benefit if the payment goes up?
Yes, in a defined case. HUD permits a term reduction where the combined rate does not increase and the payment rises by no more than $50, treating the faster payoff as the tangible benefit. Outside that case, a higher combined rate fails the test.
Is a Streamline the right path?
This is a good fit if…
Your current loan is FHA-insured and at least 210 days old
Your combined rate would drop by half a point or more
Your last six payments were made within the month due
You want the lowest-documentation refinance available on an FHA loan
Consider another path if…
You need cash out — that requires the separate FHA cash-out program
Your current loan is conventional, VA or USDA
You expect to sell before the closing costs are recovered
You want to remove mortgage insurance entirely, which requires a conventional refinance
Quick answers
Does a lower payment alone qualify?
No. HUD tests the combined rate reduction, not the payment. A longer term can lower the payment while failing the test.
Is an appraisal required?
No. A non-credit-qualifying Streamline needs no new appraisal, which is why closing costs are usually lower.
Can I roll closing costs in?
Generally no, beyond the new upfront MIP, because there is no appraised value to support a larger loan.
Does my score matter?
A non-credit-qualifying Streamline does not re-underwrite income, but lender overlays often still set a minimum score.
Do I get an upfront MIP refund?
On an FHA-to-FHA refinance within 36 months of the original endorsement, a prorated refund is credited against the new upfront premium.
What is net tangible benefit?
HUD's test that a streamline refinance must actually help you — measured by a required reduction in the combined rate or a defined change in term or product.
What is the combined rate?
The note rate plus the annual mortgage insurance premium rate. HUD's benefit test uses this combined figure, not just the note rate.
How much must the combined rate drop?
A reduction of at least 0.50 percentage points is the common threshold for a fixed-to-fixed streamline under HUD guidance.
Does moving from ARM to fixed qualify?
HUD defines separate benefit tests for term and product changes, including ARM-to-fixed scenarios, with their own thresholds.
Does a shorter term qualify even if the payment rises?
Reducing the term has its own defined benefit test where a payment increase may be permitted within HUD's limits.
How is break-even calculated here?
Total costs divided by monthly savings gives the months to break even; the tool shows the inputs so you can check the math.
Do I need an appraisal?
The non-credit-qualifying streamline generally does not require one, which is why costs are typically lower.
Is the calculator's result an approval?
No. It estimates whether a scenario would likely meet the benefit test. The lender applies HUD's test to your actual loan terms.
Included with your FHA estimate
Get your FHA Pre-Approval Summary.
Complete the short form and we send back a full FHA breakdown: your county loan limit, the minimum FHA down payment, financed upfront MIP, monthly mortgage insurance, and an estimated payment — plus whether down payment assistance can cover your cash to close.
Maximum FHA loan amount for your county
Minimum FHA down payment and cash-to-close estimate
Upfront and annual MIP included
Estimated monthly payment with taxes and insurance
Takes about 3 minutes · No obligation · Summary emailed and shown on screen
Illustration only, generated from the information you enter. Not a Loan Estimate, pre-qualification, commitment to lend, or approval. Subject to appraisal, credit and income review, FHA guidelines, and final lender approval. Equal Housing Opportunity.
FHA Estimate Summary
Purchase price
$385,000
Down payment (3.5%)
$13,475
Base loan amount
$371,525
Financed UFMIP (1.75%)
$6,502
Est. monthly payment
Shown in your summary
Sample figures for illustration only — not a quote, rate lock, offer of credit or commitment to lend. Simply Approved Mortgages · NMLS #2620881 · Equal Housing Opportunity
Weighing it up
Pros and cons of FHA financing
The trade-offs below are specific to FHA financing. Reviewed August 31, 2026 against HUD Handbook 4000.1 and the current HUD county loan limit file.
What works in your favor
3.5% down from a 580 FICO, with 100% of the down payment giftable.
Seller contributions of up to 6% of the sale price toward closing costs.
No income caps, and higher DTI is possible with documented compensating factors.
What to plan around
Annual mortgage insurance for the life of the loan at 3.5% down.
County loan limits cap the financed amount, not the purchase price.
HUD minimum property standards apply at appraisal.
Worked example
The FHA numbers behind this page
A $425,000 example shows the cash and loan structure FHA produces before pricing is added.
The FHA numbers behind this page
Purchase price
$425,000
FHA down payment at 3.5%
$14,875
Base loan amount
$410,125
Upfront MIP at 1.75%, financed
$7,177
Conventional 20% down for comparison
$85,000
Illustration only — not a quote, rate lock, offer or commitment to lend. Subject to lender underwriting and approval.
Document checklist
What documents you need for FHA financing
This is the set an FHA underwriter typically asks for. Having it ready before you write an offer is the single biggest difference between a two-week and a six-week file.
Identity and residency
Government-issued photo ID and Social Security number
Two-year residence history with landlord contact where you rented
Assets
Two months of statements for every account used for down payment or reserves
A signed gift letter plus the donor's source of funds for any gifted money
Retirement statements when reserves are drawn from those accounts
Property and credit
Fully executed purchase contract with all addenda
Homeowners insurance quote, plus flood coverage where required
Written explanation for credit events, plus bankruptcy or foreclosure paperwork if applicable
Income documentation
Self-employed vs. W-2 employed: what it means for your FHA loan
Income documentation is where most FHA files slow down, and it depends on how you are paid. FHA does not apply a different credit score, down payment or county limit to self-employed borrowers — it applies a different documentation standard.
FHA documentation differences between W-2 employed and self-employed borrowers
Item
W-2 employed
Self-employed
History required
Two-year employment history, with gaps explained. A job change inside the same field is usually fine.
Generally two years of self-employment. A shorter history can sometimes be considered when there is documented prior experience in the same line of work.
How income is calculated
Base pay from pay stubs and W-2s. Bonus, overtime and commission generally need a two-year history to be averaged in.
Net income from tax returns, averaged and adjusted for allowable add-backs such as depreciation. Write-offs that reduce taxable income also reduce qualifying income.
Documents that open the file
30 days of pay stubs, two years of W-2s, and a verification of employment.
Two years of personal and business returns, year-to-date P&L and balance sheet, and evidence the business is still operating.
Verification at closing
The employer is re-verified shortly before closing; do not change jobs mid-process without telling your loan officer.
Continued existence of the business is re-verified close to closing, typically through a third-party or licensing check.
Most common delay
Unexplained gaps, a new job with variable pay, or a VOE the employer never returns.
A declining year over year, or a large deduction that removes the very income needed to qualify.
What we suggest
Get the VOE moving on day one — it is the item most often outstanding at the end.
Have your accountant produce the year-to-date P&L before you shop, so qualifying income is known before you write an offer.
If you are W-2 employed
Pay stubs covering the most recent 30 days
W-2 forms for the last two years
A verification of employment; HUD Handbook 4000.1 Update 18 tightened the written and electronic VOE rules, so expect the employer record to be verified directly
Documentation of bonus, overtime or commission income if you want it counted
If you are self-employed
Two years of personal federal tax returns, all schedules
Two years of business returns for a partnership, S-corp or C-corp, plus K-1s
A year-to-date profit and loss statement and balance sheet
Business license, CPA letter or equivalent evidence the business is active
General FHA documentation guidance per HUD Handbook 4000.1, including Update 18 changes to written and electronic verification of employment. Requirements vary by borrower, property, lender and program, and all loans are subject to lender underwriting and approval. Sources: HUD Handbook 4000.1
Run the numbers for your county
FHA payment, affordability, closing cost and refinance calculators for the United States
Prefilled with the 2026 HUD reference median of $415,000 for the United States, a 0.90% effective property tax rate and a directional $2,300 annual homeowners premium. Change any input — the interest rate is your own assumption, not an offer.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Estimates for general educational purposes only. Interest rates shown are assumptions you enter, not quoted rates, and nothing here is a rate lock, APR, payment quote, pre-approval, offer or commitment to lend. Results exclude HOA dues, flood or wind policies, mortgage insurance changes, points and lender-specific fees. FHA upfront MIP of 1.75% and annual MIP of 0.55% follow HUD Mortgagee Letter 2023-05 for a 30-year term at 3.5% down. Property tax and insurance inputs are directional state references, not a parcel-level bill. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state. All loans are subject to lender underwriting and approval. Equal Housing Opportunity. Sources: HUD Mortgagee Letter 2023-05 (MIP) · HUD Mortgagee Letter 2025-23 (2026 loan limits) · U.S. Census Bureau ACS · NAIC homeowners insurance · CFPB Closing Disclosure
Taxes, insurance and local expenses
What owning actually costs in the United States
Mortgage pricing moves the payment a little. Property tax and insurance move it a lot, and they are entirely local. These figures are built from the 2026 HUD county dataset for the United States and national tax and settlement conventions, reviewed August 31, 2026.
Estimated ownership costs in the United States on a $415,000 home
Cost
Estimate
How it works here
Property tax
$311 / mo
About 0.90% effective on $415,000 — roughly $3,735 a year. Millage is set locally, so verify the parcel's actual bill.
Homeowners insurance
$192 / mo
Directional $2,300 a year for a single-family owner policy in the U.S.. Wind, hail and flood may be separate policies.
FHA annual mortgage insurance
$184 / mo
0.55% of the $400,475 base loan at 3.5% down, 30-year term, per HUD Mortgagee Letter 2023-05.
FHA upfront MIP
$7,008
1.75% of the base loan, normally financed into the $407,483 total loan amount rather than paid in cash.
State transfer / documentary tax
Varies
Transfer, deed, recordation and mortgage taxes are set state by state — several states charge none at all.
Settlement convention
Title/escrow state
A title or escrow company customarily conducts the closing and issues the policy.
The expense buyers here miss most
Property tax and homeowners insurance vary far more between two states than mortgage pricing does — always re-price the escrow on the exact county before you write an offer.
How this affects the FHA file
Taxes and insurance are part of the qualifying payment, so a $503 escrow in your county consumes debt-to-income capacity before a single dollar of principal and interest is counted. Underwriting uses the post-closing figures, not the seller's current bill.
Estimates for general education only — not a quote, rate, APR, pre-approval, offer or commitment to lend. Property tax rates are effective rates derived from U.S. Census Bureau ACS data; actual millage is set by county, city, school and special districts. Insurance figures are directional annual premiums, not quotes. Transfer, deed, recordation and mortgage taxes summarise state-level statutes; counties and municipalities frequently add their own. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Sources: U.S. Census Bureau — ACS property tax data · NAIC Homeowners Insurance Report · CFPB — understanding closing costs
Equity strategy
Cash-out, HELOC, debt consolidation and investment equity in the United States
Four different ways to use the same equity, worked against a $415,000 value with about $257,300 owed. Each one solves a different problem, and each one has a real cost. Figures are equity arithmetic under HUD Handbook 4000.1 loan-to-value limits, not quotes.
Cash-out refinance
On a $415,000 home in the United States with roughly $257,300 owed, FHA caps a cash-out refinance at 80% of appraised value — about $332,000. That leaves roughly $74,700 gross, or near $64,325 after typical costs, from $157,700 of equity.
Why it can work
One first lien, one payment, one servicer.
FHA cash-out has no seasoning penalty beyond the required 12 months of on-time payments and 12 months of occupancy.
Proceeds are loan funds, not income, so they are generally not taxed as income.
What it costs you
You are re-starting amortization on the entire balance, not just the cash you take.
FHA cash-out keeps annual mortgage insurance for the life of the loan at above-90% LTV, and 11 years at or below 90%.
If your existing first lien is priced better than today's market, you give that up to access the equity.
HELOC or second lien instead
Lenders commonly write a second lien to about 85% combined LTV — near $95,450 available here without disturbing the first mortgage. It is the right tool when the existing first lien is worth keeping.
Why it can work
Leaves a good first mortgage completely untouched.
You draw only what you use, so you are not carrying interest on money sitting idle.
Closing costs are usually far lower than a full first-lien refinance.
What it costs you
Most HELOCs carry a variable rate, so the payment can rise while the balance stays the same.
Draw periods end, and the repayment period that follows raises the payment sharply.
A second lien still secures your home — the risk profile is the same as the first.
Consolidating higher-cost debt
Moving unsecured balances into the $74,700 of accessible equity in your county typically lowers the monthly outflow, because a 30-year amortization stretches a payment that a card or auto note compresses into a few years.
Why it can work
Frees monthly cash flow, which can also improve qualifying debt-to-income for a later move.
Consolidates several due dates into one predictable escrowed payment.
Removes revolving balances that were re-pricing at the issuer's discretion.
What it costs you
You convert unsecured debt into debt secured by your home — a missed payment now risks the house.
Stretching a 3-year balance over 30 years can raise the total dollars paid even when the monthly figure falls.
It fixes the symptom, not the spending. Re-running the cards afterwards leaves you with both debts.
Mortgage interest deductibility depends on how the funds are used — confirm with your tax advisor, not your lender.
Using equity toward an investment property
The roughly $64,325 net available here can serve as the down payment on a rental. FHA financing itself requires owner occupancy, so the new property would be financed conventionally or as a business-purpose loan, not with FHA.
Why it can work
Converts idle equity in one property into a second income-producing asset.
Rental income may later help qualify, once it has the documented history the lender requires.
Diversifies your position across two properties instead of one.
What it costs you
You are now carrying two mortgages against one income if the unit sits vacant.
Investment-property financing requires larger down payments and stricter reserves than FHA.
FHA occupancy rules apply to your existing loan — the home you refinanced must remain your primary residence.
Local landlord licensing, insurance and tax treatment differ from owner-occupied ownership.
Illustrative equity calculations for general education only — not a quote, rate, APR, payment, pre-approval, offer or commitment to lend, and not tax or legal advice. Values assume the stated appraised value and balance; your equity, loan-to-value and available proceeds will differ. FHA cash-out refinances are limited to 80% loan-to-value and require owner occupancy per HUD Handbook 4000.1. HELOCs and second liens are separate products with their own terms and are commonly variable-rate. Consolidating unsecured debt into a mortgage secures that debt against your home. Consult a tax advisor regarding deductibility. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Simply Approved Mortgages Expert Insight
Streamline commentary · Last reviewed August 31, 2026
Run the combined rate before anyone pulls credit
The most common Streamline disappointment is a borrower who found a lower note rate but whose annual MIP rate is unchanged, leaving the combined reduction short of half a point. Checking the combined rate first costs nothing and avoids a wasted application. Where the current loan carries an older, higher MIP factor, the test is often met even when the note rate barely moves.
Our recommendation
Compare note rate plus annual MIP on both loans — that is the number HUD tests.
Ask SAM anything about FHA loans in the United States
SAM is the Simply Approved Mortgages AI assistant, grounded in HUD Handbook 4000.1 and the 2026 HUD county limit file. It answers general FHA questions instantly. A licensed loan officer reviews every scenario before any terms are confirmed.
Hi — I'm SAM. Ask me about FHA loan limits, credit, mortgage insurance, down payment assistance or what an underwriter will need from you. General education only: I don't quote rates, and nothing I say is an offer or commitment to lend.
Ask Simply AI provides general educational information about FHA loan programs. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Where to go next
Continue with the FHA topic that matches where you are, or talk to a licensed loan officer about your own numbers.
Short on cash to close? Ask about the FHA DPA, offered through Simply Approved Mortgages: 2.5%, 3.5%, or 5% of your loan amount toward your down payment and closing costs, structured as a 10-year repayable second lien at your first-mortgage rate + 2%. FICO 580+, primary residence only — it's an option on every loan program on this site.
How it works
Three tiers. Real money toward your home.
2.5% / 3.5% / 5% of the lesser of purchase price or appraised value
Pairs with FHA, Conventional, VA, and USDA first mortgages
10-year repayable second lien — no silent forgivable strings
Not available in: New York, Washington, U.S. Virgin Islands, Guam, Northern Mariana Islands, and American Samoa. All loans subject to underwriting approval and program guidelines.
Amount calculator & eligibility checker
See how much assistance you may qualify for
Enter a purchase price, pick an assistance tier, and confirm property and residency. Results are illustrative — not a quote or commitment.
Simply Approved Mortgages DPA
DPA amount calculator & eligibility checker
Estimate 3.5% assistance on the lesser of price or appraisal, layered over a 30-year fixed FHA first mortgage.
Estimated DPA
$14,000
3.5% of $400,000
2nd-lien P&I
$174
10-yr · 8.500%
Amount calculator
Lesser of price or appraisal
$400,000
DPA at 3.5%
$14,000
2nd-lien term
10-year fixed, repayable
2nd-lien rate
8.500%
Monthly P&I
$174/mo
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear only on your Loan Estimate and Closing Disclosure.
Eligibility checker
Documentable qualifying income?
Willing to complete homebuyer education before closing?
Property in NY, WA, USVI, Guam, MP, or AS?
Answer each question above to see your preliminary result.
Figures are illustrations based on the values you entered — not an offer, rate lock, or commitment to lend. Emailing your scenario sends it to a licensed loan officer in Florida or Colorado.
Preliminary self-check only — no credit pulled. Not a quote, lock, offer, or commitment to lend. Simply Approved Mortgages is not affiliated with HUD, FHA, VA, USDA, FHFA, or any government agency. Equal Housing Opportunity. NMLS# 2620881.
Our pricing philosophy
Transparency. Simplicity. Consumer Choice.
At Simply Approved Mortgages, we believe borrowers deserve clear information, professional guidance, and access to competitive mortgage solutions.
Our company is built around a straightforward philosophy: provide transparent mortgage guidance, maintain a consistent compensation structure on most transactions, and help borrowers make informed financing decisions based on their individual needs and goals.
For many mortgage transactions, Simply Approved Mortgages typically operates using a lender-paid compensation structure of approximately 1.50%. Actual compensation may vary based on lender requirements, loan program, state regulations, loan amount, and other transaction-specific factors.
We believe transparency helps consumers better understand the mortgage process and make informed decisions when comparing financing options.
Our promise
Mortgage financing should be understandable, transparent, and focused on helping consumers make informed decisions.
Our goal isn't to maximize compensation per transaction. Our goal is to build lifelong client relationships through transparency, service, and competitive mortgage solutions.
Why compensation transparency matters
Understanding all aspects of the financing process
Many borrowers spend significant time comparing interest rates, but may be less familiar with how mortgage companies and loan originators are compensated.
Compensation structures can vary among lenders, mortgage brokers, banks, credit unions, and other mortgage providers. Compensation is only one component of a mortgage transaction and should be evaluated alongside interest rates, APR, lender fees, discount points, closing costs, loan features, and overall loan suitability.
At Simply Approved Mortgages, we believe consumers benefit from understanding all aspects of the financing process before making a decision.
Interactive illustration
See how compensation scales by loan amount
Move the slider to compare a hypothetical 1.50% Simply Approved Mortgages compensation structure with a hypothetical 2.75% used by some other lending options. For educational purposes only.
$400,000
$50,000$2,000,000
Typical market comp at 2.75%$11,000
Simply Approved Mortgages at 1.50%$6,000
Potential closing cost difference
Hypothetical impact on lender compensation only
~$5,000
For illustration only. Figures are hypothetical and not a quote, offer, rate lock, or guarantee of savings. Lender compensation is one component of closing costs; actual loan terms, interest rates, fees, APR, and total costs vary by program, loan amount, credit qualifications, property, occupancy, state, and market conditions.
Illustrative compensation comparison
Comparing a hypothetical 1.50% to a hypothetical 2.75%
The example below compares a hypothetical 1.50% compensation structure used by Simply Approved Mortgages to a hypothetical 2.75% structure used by some other lending options, solely for educational purposes.
Loan Amount
Simply Approved Mortgages (1.50%)
Other lending options (2.75%)
Difference
$250,000
$3,750
$6,875
$3,125
$350,000
$5,250
$9,625
$4,375
$500,000
$7,500
$13,750
$6,250
$750,000
$11,250
$20,625
$9,375
$1,000,000
$15,000
$27,500
$12,500
These examples are illustrative only and are intended to demonstrate how different compensation percentages may produce different compensation amounts based on loan size.
These examples do not represent borrower fees, interest rates, APR, closing costs, loan terms, pricing, or savings, and should not be interpreted as a guarantee that any borrower will receive lower costs or better loan terms.
Our commitment to borrowers
Our goal is to provide
Professional mortgage guidance
Transparent communication throughout the loan process
Access to a broad range of mortgage programs
Competitive financing options based on borrower qualifications
A streamlined application and approval experience
Support for homebuyers, homeowners, and real estate investors
A team-focused approach
Support for every type of borrower
Whether you're purchasing a home, refinancing an existing mortgage, consolidating debt, or financing an investment property, our team is committed to helping you evaluate available options and make informed decisions.
Compare more than just the interest rate
When evaluating mortgage options, borrowers should consider the complete financing package
•Interest Rate
•Annual Percentage Rate (APR)
•Lender Fees
•Discount Points
•Closing Costs
•Loan Features and Flexibility
•Prepayment Terms
•Product Eligibility Requirements
•Customer Service and Support
The most appropriate mortgage solution depends on each borrower's individual financial circumstances, objectives, qualifications, and preferences.
Important Disclosure: Simply Approved Mortgages LLC typically utilizes a lender-paid compensation structure of approximately 1.50% on many mortgage transactions; however, compensation may vary based on lender requirements, loan program, state law, loan amount, borrower qualifications, and other transaction-specific factors. Compensation is only one component of mortgage pricing and does not, by itself, determine interest rates, APR, lender fees, closing costs, loan terms, or overall borrower costs. The information provided on this page is for general educational and informational purposes only and should not be construed as mortgage advice, a commitment to lend, an offer to extend credit, a rate quote, a loan approval, or a guarantee of savings. All mortgage loans are subject to credit approval, underwriting requirements, property approval, and program eligibility guidelines. Borrowers should carefully review all disclosures, including the Loan Estimate and Closing Disclosure, before proceeding with any mortgage transaction. Simply Approved Mortgages LLC • NMLS #2620881 • Equal Housing Opportunity.
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