VA Streamline Refinance: Popular When Rates Are Low
The VA streamline refinance program is popular with Veterans who have a VA home loan when interest rates are low. The VA streamline refinance program is the easiest way for people with a VA loan to get a lower interest rate and a lower monthly mortgage payment – with the least hassle possible.
With the VA streamline program, it is less difficult to get approved than it initially was to get a VA loan – although it may feel similar to when you first got your VA loan. There is an application process, an underwriter at the VA approved lender will underwrite the file and there will be final paperwork to be signed before the loan is official.
With the VA streamline refinance program, you can refinance from an adjustable rate VA loan to a fixed rate VA loan or a fixed rate VA loan to a fixed rate VA loan as long as the new fixed rate is lower than the old fixed rate.
VA Streamline Refinance Benefits
- All VA streamline refinance closing costs associated with the new loan can be rolled into the loan. No out of pocket closing costs are required on the VA streamline refinance program.
- The VA streamline process may not require that you get an appraisal done on your property – be sure to speak with your lender about whether or not an appraisal will be required.
- With the VA streamline program, your new monthly mortgage payment must be lower than your old one unless you are going from an ARM to a fixed rate mortgage.
- The paperwork required for a VA streamline refinance is much less than when buying a house with a VA loan.
- It is possible to finance energy efficient improvements in the VA streamline refinance up to $6,000.
- Getting cash out of the equity of your property is not possible with the VA streamline refinance program.
- The VA streamline refinance program allows Veterans to have one 30 day late payment on their mortgage in the last 12 months as long as they are current on the mortgage.
If you considering what your best refinance option is and you currently have a VA loan, the VA streamline is one of the most popular refinance programs available. Be sure to speak with a loan officer who is an expert in VA loans at a VA approved lender about your specific situation to see if the VA streamline refinance program can help you save money each month!