For many people a financial consultant is the same as a stock broker, who doesn’t differ from an investment advisor, who in reality does the same job as a financial planner, this is true isn’t it? Absolutely not, each one of these professionals correctly titled does a very different job with a different form of specialization. The motivation of the financial consultants previously known as brokers is to make high sales of securities whereas investment advisers should be acting always in the interests of their clients. This is not always the case but can be considered to be broadly true.

1. Doing your detective work

Go online to get started; there is plenty of good information about financial analyst in your city or area. Here you will be able to find out what services they can offer and what specialties they claim to have. In particular look out for a certified financial analyst as you should be able to get access to the most professional services with a person like this. Members of the financial analyst associations are paid solely by their clients and therefore they are completely focused on your interests and objectives. Take time to visit the national association’s own website for more good advice.

2. Comparing the credentials

It is important to be patient as you grapple with the sheer number of different names and titles that are used by investment analyst; here is the most common one in this sector:

Chartered financial analysts, these professionals will have had to pass three exams that include portfolio management, economics and financial accounting not only this they will have studied business ethics and security portfolio management. Constant re-examination is carried out on an annual basis and these analysts normally work for pension funds, mutual fund companies or institutional asset management companies.

3. Prepare for the interview

Make up your shortlist of the most interesting candidates and then make a call to book an appointment. Give a short overview of what you are looking for and is the reply is affirmative from the analyst book an appointment at a time that is mutually convenient. Don’t discuss rates at this early stage but leave it to the interview itself.

4. The interview and conclusion

This is the crunch moment and it is important to have your information ready. Be prepared to be open with the analyst so that you get the best information back in return. Once you have laid out your requirements clearly to the analyst ask how much the services you require should cost, at least you should be able to get verbal estimate in advance of a written offer.

Many people opt for the FHA streamline refinance because there is no credit check, appraisal, or employment verification. Some loans even offer no closing costs, or significantly lower costs than a traditional mortgage.

Are FHA Streamline Refinance Closing Costs Higher or Lower Than Average?

The FHA streamline refinance loan does not eliminate closing costs. Closing costs depend on the size of the loan, the lender and administrative factors. Closing costs for the FHA streamline refinancing loan are generally lower than other types of loans because the loan paperwork is “streamlined”; less paperwork is required, so the lender does not need to charge as much to pay people to review and approve the paperwork. By requiring more costs be paid by the borrower up front like escrow population amount and title search fees, the closing costs are reduced.

When Are the Closing Costs Due?

Closing costs are due up front when you close the FHA streamline refinance loan. Lenders have the option to offer a “no cost” refinance loan to borrowers. However, this results in a higher interest rate, and the no-cost loan option’s higher interest rate could disqualify someone for the refinance, since the FHA limits eligibility for the FHA Streamline Refinance to those who would see at least a 5% reduction in their monthly house payment.

What Affects Closing Costs?

Your closing costs will typically be lower if you bought your home in the past 12 to 24 months. The prior research and analysis done for the prior loan may eliminate the work required for the streamlined refinance loan.

If you have refinanced your loan previously and rolled in a second mortgage or took equity out of the house, closing costs may be higher on the loan refinance as additional loan officers review your case. You may face higher closing costs when you apply for a “zero cost” loan, where the lender can forgive up to $9,000 in escrow fees and loan administration costs. If the zero cost loan is approved, your closing costs may be covered by the $9,000 grant.

The zero cost streamline loan payment is issued as a credit by the loan officer against costs like the closing costs. If the loan closing costs and associated fees like the property tax escrow amount are greater than $9,000, borrowers will owe the remaining amount at closing.

What About the Up-Front Mortgage Insurance?

Borrowers will owe the full up front mortgage insurance premium at closing. Also called the UFMIP, the amount equals 0.01 percent of the new home loan amount. For example, if the home loan is $200,000, you will owe $20 as the up front mortgage insurance premium.

The up front mortgage insurance premium is different than the private mortgage insurance borrowers may owe. Upfront mortgage insurance is a requirement of FHA loans. Those refinancing loans endorsed by the FHA prior to June first, 2009 will pay a lower insurance rate than those refinancing newer loans. If the old FHA loan was issued prior to 6/1/2009, your new loan’s upfront mortgage insurance will be reduced.

If you sell the home within five years of the streamline refinance loan, you can request a refund of the up front mortgage insurance premiums you paid.

While the up front mortgage insurance premium is due by closing, it is a relatively small fee compared to other closing costs. For example, the streamline refinancing loan generates an annual mortgage insurance premium at roughly 55 basis points. This is equal to 0.55%. And if the borrower has a fifteen year fixed rate mortgage with more than 22% equity, there is no mortgage insurance premium.

Stephanie Barney is a mortgage broker specializing in streamline refinancing for both FHA and VA loans. She helps people refinance their homes without credit checks or appraisals and minimal FHA loan requirements.