VA Streamline Refinance
The VA Streamline Refinance, sometimes referred to as IRRL, could very well be a Veteran's most valuable mortgage tool throughout life. It gives the Veteran flexibility that conventional borrowers do not have. This program, administered by the U.S. Department of Veteran Affairs, has protected the ability of Veterans to get competitive mortgage loans in an often volatile mortgage market, and at the same time has provided a means by which a Veteran can capitalize on those times when interest rates are at their lowest. The Veteran can quickly refinance to a lower rate, when available, or switch from an adjustable rate (ARM) loan to a fixed rate, or a fixed rate to an adjustable, if it makes financial sense to do so.
The VA Streamline Refinance does not require the Veteran to re-qualify for the loan. In most cases, it does not require a new appraisal. And importantly, although there are always costs associated with refinancing, most of the hard costs associated with this program are paid by the lender and there are rarely any out of pocket costs to the Veteran.
What this allows the Veteran to do is continually restructure an existing VA Loan based on the market conditions at any given time. This program allows the Veteran to capitalize on the best possible interest rate at the time, over and over again. In many cases, when closing a VA Streamline Refinance, due to the timing, the borrower can skip a month of sending in a mortgage payment, freeing up that money from the monthly budget to be used for other purposes. This program allows for both quick approval (no credit qualifying), and a fast closing. The VA Streamline Refinance professionals in this department can analyze your current VA Loan and let you know how much this program can save you.
You can review the VA Home Loan Guide for more information on the benefits and qualifications of a VA Streamline Refinance.
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