http://www.hud.gov/offices/hsg/sfh/buying/streamli.cfm

Just curious what exactly it is.. And the benefits of it and possibly the downside..


I got a letter in the mail offering a no cost refinance. My current rate is 6.25%. They are claiming "The initial APR disclosure is 5.75% based on a 5.5% interest rate and may vary slightly from final APR rate on loan documents" Even if they are making a .25% on my amount I would still be able to reduce my rate by .5%.. Am I understanding this correctly? Obviously it looks like a shaky deal coming in the mail but opened my eyes to options.