VA Streamline Refinance
A VA Streamline Refinance is also known as an Interest Rate Reduction Refinancing Loan or IRRRL. Existing VA loans in good standing may qualify for the Streamline program. When refinancing a VA to VA loan, the result is almost always a lower interest rate. While this transaction usually results in a lower monthly payment, refinancing your existing loan may make the total finance charges higher over the life of the new loan.
With the exception of an ARM to fixed-rate Streamline, a lower interest rate is required. Adjustable rate mortgages start out with a rate below the going mortgage interest rate, and the rate can move up after an initial period. A VA Streamline can eliminate the risk of the rising rate of an ARM by providing a low fixed rate mortgage for the borrower. The Streamline rate may be higher due to the nature of ARMs with initial low rates.
VA IRRRL has Streamlined Processing
A VA IRRRL allows existing VA borrowers to refinance quickly and affordably. The VA requires no appraisal and no credit re-qualifying for Streamlines. However, your underwriter may still need both depending on their policy, especially when economic and real estate climates are volatile.
Streamline Refinancing Costs Less
Expect to pay less upfront for Streamline refinancing. The VA funding fee for Streamlines is just .5% and can be included in the loan. And, lenders will often offer no origination and closing costs for these quick and easy types of loans.
No COE for Streamlines
Streamlines require no Certificate of Eligibility, or COE. The entitlement used for your current loan will be used to Streamline your mortgage. If you have your old certificate of eligibility used for your VA loan, it’s okay to bring it. But if you don’t have it, don’t worry. The lender can receive an email confirmation from the VA that provides the information needed to proceed with the Streamline transaction.
VA Streamline Qualifying
VA Streamline Qualifying is just that – STREAMLINED! Borrowers in good standing have been known to qualify based solely on their mortgage payment merit. Depressed housing markets and recessions can cause lenders to necessitate more stringent underwriting guidelines. Nonetheless, Streamlines still require less processing than regular refinancing and cash outs. That’s how Streamlines can close so quickly – typically 10 days.
Get Your VA Streamline Loan Today
Our Dedicated Streamline Specialists are here to help lower your interest rate and save you money each month. As a Veteran, you want to make the most of your VA Benefits. The VA Streamline Refinance program may be your most valuable mortgage tool. This refinancing program helps Veterans capitalize on today’s low interest rates. The low- to no-cost structure of Streamlines encourages borrowers to use the program over and over again to get the best rate.
Refinance quickly with a VA Streamline Loan and lower your monthly payments today.
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