VA Streamline Refinance
As an approved broker for VA loans, 1818 Financial provides multiple home mortgage refinancing options for current and former members of our armed forces and their families. We proudly offer VA Interest Rate Reduction Refinance Loans (VA IRRRL), also referred to as a VA Streamline Refinance, for eligible veterans seeking a quick and easy way to reduce their interest rate and monthly payment.
Our dedicated mortgage brokers are here to help you refinance your current mortgage with a VA Streamline Refinance. Give us a call today to see how much we can help you reduce your VA mortgage payment.
VA Streamline Refinance Basics
VA Streamline Refinances allow veterans to benefit from a fast and efficient refinance process to take advantage of lower interest rates and monthly payments. The VA Streamline Refinance is for veterans who already have a VA loan and want to refinance into a lower fixed interest rate, and ultimately decreasing their monthly mortgage payments. This type of refinancing is simple compared to other methods because it involves a refinance from one VA product to another.
VA Streamline Refinance loans are often referred to as streamline loans because they involve a quick process with very little income documentation needed and also have fewer underwriting requirements than a typical refinance loan. The three main qualifications for VA Streamline Refinancing, which stipulate that:
- You are current on your current VA mortgage payments
- You have previously lived in the home you are refinancing
- You reduce your interest rate by at least .50% and you reduce your monthly payment enough to recoup your closing costs within 36 months
Advantages of VA Streamline Refinancing
There are several notable benefits that make VA Streamline Refinancing an attractive option for veterans and their families:
Lower Interest Rate
Today’s interest rates for home mortgages are at a historically low level, making now a great time to refinance your home using a VA Streamline Refinance Loan. Since this refinancing method is specifically designed to reduce the interest rate on your mortgage, a VA Streamline Refinance allows you to take advantage of these low rates, potentially saving you thousands of dollars over the life of your mortgage.
No Out-of-Pocket Expenses
When you choose to refinance using a VA Streamline Refinance Loan, the closing costs associated with the refinance can be rolled into the balance of your new mortgage.
No Appraisal Required
Most times, when you are looking to refinance your home, an appraisal is required to determine the present market value of your home. In nearly all cases, a VA Streamline Refinance does not require you to get a new appraisal on your home, saving you time and money.
No COE Required
VA Streamline Refinance Loans do not require you to go through the process of renewing your certificate of eligibility. Our mortgage brokers will pull your existing certificate of eligibility, saving you the hassle of getting re-certified. The only thing that you must certify for a VA Streamline Refinance is that you have previously occupied the home if you do not currently live in the home being refinanced.
Super Fast Turnaround Times
The VA Streamline Refinance Loan is designed to be a quick and easy process and the experts at 1818 Financial will work hard on your behalf to make sure we exceed your expectations. We have fine-tuned our process so that everything moves as smoothly as possible, so you can start saving money sooner.
Get Your Free VA Streamline Refinance Quote Today
Whether you are looking for a VA Streamline Refinance Loan or any other loan options, getting a free no-obligation quote is as easy as calling one of our mortgage brokers or completing our simple online form. Call or click today to take the first steps toward the home mortgage that is right for you.Questions? Contact Corey Leonard Today!