If you have a VA loan on your home right now, you may qualify for a new refinance mortgage that serves your needs better. If you get a VA Streamline Refinance, the process of refinancing may be faster and easier than you’d expect, especially if you are not looking to obtain cash out.
IA VA Streamline Refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), features:
- Less paperwork
- No home appraisal
- Faster closing
IAnother popular feature of a VA Streamline Refinance is that it can reduce your interest rate so you can lower your monthly payments and save money over the life of your loan.
IYou can also use a VA Streamline to refinance an existing VA adjustable rate mortgage (ARM) to a fixed-rate loan, even if it does not result in a lower interest rate.
IHowever, you cannot get cash from this type of loan. If you need extra cash for expenses, you may want to consider a VA Cash Out Refinance.
IYou will need to contact a VA-approved lender to see if you qualify for a VA loan refinance. Your lender will look at your credit score, income and other factors to determine this. As a VA-approved lender with more than 25 years of experience, Freedom Mortgage can help you understand the benefits and requirements of a VA Streamline Refinance mortgage.
VA Loan Eligibility
IBefore you can obtain a VA refinance mortgage, you need to determine your VA loan eligibility. If you have served or are now serving in the Armed Forces, the Reserves/National Guard, or if you are a surviving spouse of a Veteran, you can request a Certificate of Eligibility (COE) for a VA loan refinance.
IFreedom Mortgage can help you apply for a COE, or you can contact the Veterans Administration directly.
IFind out more about the VA Streamline Refinance program. Call Freedom Mortgage today; we are available to help you take advantage of the benefits you have earned.