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VA Streamline Refinance: A Great Opportunity
The VA refinance program is a government-backed mortgage rate reduction loan for retired veterans and active-duty service members who have already purchased a home with a VA mortgage loan. The VA streamline refinance option provides you with a fast, simple, and hassle-free way to refinance your current VA home loan so that you can take advantage of the low current rates and save money.
MilitaryVALoan.com helps veterans find lenders in their area who can assist them with the refinance process and start saving. The VA streamline refinance, also known as the Interest Rate Reduction Refinancing Loan (IRRRL), is one of the best mortgage refinance loan options on the market. It is simple, straightforward, and requires minimal time to qualify for and complete.
VA Loan Rates at Record Low Levels
Due to recent drops in VA mortgage rates, now is a great time to consider refinancing your home to save money on your monthly mortgage payments. Whether you have a 30 year fixed, 15 year fixed, or ARM loan, you can receive a free quote which will tell you if you are able to lower your interest rate and save money.
If you have a VA Adjustable Rate Mortgage (ARM), your interest rate may rise after the initial fixed period. You have the opportunity to refinance your ARM into a 30 or 15 year fixed loan with low rate, and avoid the possibility of higher monthly payments in the future.
Complete the rate quote form above to get connected with a lender who can answer any questions and provide you with a free, no-obligation rate quote and help you start saving immediately.
The Efficient Way to Lower your Monthly Payments
VA home loan interest rates have recently fallen to record lows. If you have a VA loan that currently carries an interest rate that is above the national average, you may be able to benefit and save on your monthly mortgage expenses with a VA refinance.
A 1% reduction in your interest rate can save you a significant amount each month, with no out-of-pocket expenses. In addition to lowering your interest rate and monthly payments, you may also qualify to finance up to $6,000 to perform energy efficient upgrades on your home. Learn more about qualifying energy efficient upgrades and the savings they can provide.
VA Streamline Refinance Home Loan Features
To make the refinance process faster, the VA eliminates several roadblocks that are required for other types of refinances. For example, the VA does not require income documentation or an appraisal. While it’s possible that an individual lender may have additional requirements, you’ll most likely experience a simplified refinance experience compared to standard loan types.
- VA streamline refinance options let you refinance your existing VA home loan to save money every month
- No out-of-pocket costs required at closing. All fees can be rolled into the new loan amount
Speak with a VA Specialist
- No income documentation required by the VA
- No employment verification required by the VA
- Reduced paperwork required to expedite the lending process
- Home owners must be current on their existing VA mortgage and not have had more than one 30-day late payment in the last 12 months
- This refinance is only available to homeowners who currently have a VA loan
- Process is fast, simple, and designed to help you close and start saving more quickly
- Allows you to finance up to $6,000 for energy efficient improvements
- No cash out can be received from a streamline refinance. If you want to receive cash from your mortgage, you may be able to benefit from a Cash-out Refinance
Buy a Home with a VA Loan
- Depending on your state, VA lending limits vary. Check your county limit and make sure you aren’t buying more than can be financed
- Generally, the selling party may pay up to 6% of the purchase price in closing costs
- First-time buyers and upgrading buyers can get pre-qualified for a new VA home loan
- Fair and poor credit loan options are also available. If you have had bad luck in the past and are working towards improving your credit, our VA loan specialists may still be able to help you get financing.
- Buyers are not required to pay a down payment as long as the home price does not exceed the appraised value
- Private mortgage insurance is not required on VA loans
- There are no penalties associated with paying off your mortgage early
To see if you could benefit from a VA refinance and save on your mortgage payments, fill out the form or call 888-516-9990 to speak with a licensed lender who can answer any questions you might have and help you start the refinance process right away.
For veterans who want to refinance their homes. Percentage rates are the lowest in decades.
For veterans who want to refinance and get additional cash-out of their home.
For veterans who want to buy a new home. VA loans require No down-payment.
National VA Mortgage Rates
Sunday, May 19, 2013
|30 Year Fixed||3.60% APR|
|30 Year FHA||3.31% APR|
|15 Year Fixed||2.93% APR|
|5/1 ARM||3.01% APR|
Your individual VA rates may vary. For a customized, no-obligation quote, complete this form. It's free.