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Why doesn’t everyone with a VA loan streamline to a VA hybrid?

Friday, July 29th, 2011

If you would have asked me just a few years ago, if I would ever put my own property or mortgage on an adjustable rate loan, I would have said NO WAY!  Fast forward to today and I only wish I could do what so many men and women Veterans or VA loan holders can do with their loans.  I only wish the VA streamline loan into a VA hybrid loan was something that I could do and take advantage of.  I have not served and thus do not have the right or privelege to get this loan.

In order to take advantage of the VA streamline refinance or VA IRRRL (Interest Rate Reduction Refinance Loan) you must have a VA loan now and must have honorably served in the Armed Forces.  If you do have a VA loan and are eligible and do not take advantage, you are making people like me, who wish we could, very frustrated!  Ok well in all honesty, not everyone benefits from the streamline, but the cases are very few and far between.

Who can benefit from the VA streamline refinance?

  • Anyone with an ARM or adjustable rate loan now
  • Anyone with a fixed rate now that is at 4.25% or higher
  • Anyone that is on a 30 yr loan but wants to pay their home off much faster
  • Anyone that does not plan on being in the home for more than 3-5 yrs.
  • Anyone in a short pinch for cash that could benefit from an instant amount of money in their pocket

So who will NOT BENEFIT from a VA streamline or VA IRRRL?

  • Someone who does not like saving money
  • Someone who won’t take time to educate themselves
  • Someone who has been fed false info for too long

Ok those were joking, kind of.  The fact is very few people will not benefit from the VA streamline.  Those that will not benefit normally have been in their loans for 10 plus years without refinancing and are close to paying the balance off.  Someone who has a fixed rate in the low 4 to high 3 range or someone on a 15 year loan that does NOT need to lower a payment by going to a longer term.  Other than those examples, you will benefit normally by doing the VA streamline.

So please, spend some time on this blog and research all the reasons to streamline your VA loan, or send us a question or call us up.  There has never been a better time to get locked in at such low VA interest rates like there is now.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

Low VA Mortgage Rates Stay Low, VERY LOW VA RATE

Wednesday, July 13th, 2011

It seems like I have been telling people for the past 2 years or so that VA interest rates were not going to be going any lower.  There were many time that in that window of time that I was right, however overall rates, VA rates especially, have continued to go lower and stay low.  It is times like right now when I wish for many reasons I had the benefit and blessing of a VA loan.

I bought my home in 2007 and even put down 20% on the purchase of the home.  Bad news for me is not only is all that equity gone, but I am also stuck at 6.5% rate even though interest rates are at 4.25% for 30 years or 3.25% on the hybrid loan.  I could be saving literally $800 a month or more if I could streamline refinance but that is not available on a conventional loan.

What is so amazing about the VA mortgage streamline refinance is that you can refinance even if your home has no value or equity.  You could have bought your home in 2007 at 250,000 and now it is worth 175,000 but you can still streamline your VA loan.  Perhaps the downturn in the US economy has affected your credit rating or FICO score?  If this is the case, as bad as that can be, it does NOT disqualify you from the VA streamline program.

Some of the benefits of these extremely low VA rates today are:

  • lots of savings monthly from streamlining
  • easier to decide to streamline
  • the streamline allows you to skip some mortgage payments if done correctly
  • many many more.

If you have a VA mortgage please apply here or give us a call at 866-569-8272 so we can show you what the VA streamline can do for you.

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Posted in Home Values, VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

VA loans with Bank of America should be streamlined with Flagship Financial

Wednesday, June 29th, 2011

Something that most military home owners are not aware of is that brokers or mortgage companies that have access to wholesale rates sheets can get them a much lower rate than if they (Veteran) were to call Bank of American themselves.  This may not make a lot of sense on the surface but if you have ever shopped at Costco or Sam’s club then this example may help you get a better grasp on this.

Why can Costco sell you 20 lbs of filet mignon cheaper than if you were to go directly to lets say your local butcher and buy it directly from them?  The answer is simple.  Costco has negotiated huge discounts due to the volume of meat they buy, due to the fact that they (costco) spend money marketing and selling the meat and now this is money that your local butcher will not have to pay to move their product.

VA mortgage loans are very similar.  Bank of America of course has its own loan officers, branches and offices and is certainly willing to do their own loans through what is referred to as a “retail channel.”  A retail location is like the Bank of America bank on the corner or in the shopping plaza.  If you were to call Bank of America directly as a consumer you will work with their retail division and get great service and decent rates.  However, if you call Low VA Rates, a division of Flagship Financial or any other broker that has access to wholesale rates, you will get a much lower rate.

I am not a veteran and do not have a VA loan of course.  My entire mortgage profession has been spent working on VA loans and assisting military families with their home loans.  The other day Bank of America contacted me directly because I have a loan with them on a rental property of mine and they asked me if I wanted to refinance.  I will keep this story short, but the rep at B of A when I showed him what wholesale rates I could get on my own, simply told me he could not compete and I should do it myself.  Here is an excerpt from that email:

I understand……what you saying is that wholesale is at a price of 104.00 ( i assume they want to get paid) so they can give you 3 points….and we are at 101.00…..

My manager has been with Bank of America when it was Countrywide  for 15 years and he says there is no way we can be 3 points away from wholesale, but you know what you’re doing and if you can get it I would jump on it too..

So for those of you with VA loans at Bank of America what does this mean to you?  I am not trying to suggest that Bank of America is ripping you off or that you should not refinance straight through the retail loan officer, but I do want to make you aware of your options and suggest seeing what Bank of America can do for you and then contacting Flagship Financial or another broker and see what they can do for you.

There has never been a better time than now to streamline your VA loan and take advantage of seriously low VA interest rates.  Flagship Financial is dedicated to assisting you with any VA home loan questions you may have.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

Military Discounts (infographic)

Monday, June 27th, 2011

Active Military members, and Veterans alike, have the opportunity to take advantage of so many discounts, and savings programs, but unfortunately many that qualify simply are not aware of the many options they can take advantage of. Because of this, we thought we should provide this graphic to maybe help spread the word about some of the best discounts out there, and the best programs to help military families save. After you have a look, share this with your friends so we can help get the word out to our Military members and Veterans!

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Military Discounts
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To put this graphic on your web site, just highlight, and copy and paste the HTML code below:

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Posted in Military discounts and savings, VA Loan | 2 Comments »

The VA Streamline in California (IRRRL) can Save Military Personnel Big Bucks Every Month

Tuesday, June 21st, 2011

There are so many servicemen and women, and retired veterans who are struggling, financially, in our current economy. Many of them are trying to find ways that will help them pay their bills and put food on their tables every month. A program called the VA streamline will allow them to refinance their VA loans, with very little qualifying. It will help lesson their monthly financial struggles.

Why the VA streamline loan program?

The VA streamline in California loan program, which is also known as the Interest Rate Reduction Loan (IRRRL), is designed to help our military men and women, along with veterans, to refinance their VA loans easily and fast. This loan can usually reduce their monthly mortgage payments by hundreds of dollars, if not more.

By refinancing, there will be more money for military personnel and their families each month. They will be able to afford the necessities that they need without financially struggling. It will just make life a whole lot easier.

Besides lowering the interest rate, the IRRL can be a useful tool to refinance an adjustable rate loan to a fixed one. It can also be used to get a 15 year loan, instead of having a 30 year loan.

Simple qualifications

Simple qualifications have been put in place so that almost any military personnel who applies will get approved. Basically, if you have a VA loan, a 600 or higher credit score, have not been 30 days late on your current VA loan in the past year and had your loan for at least ninety days, you will qualify. There are no prepayment penalties with the VA streamline in California IRRRL, no upfront fees and the cost of refinancing can be put back into the loan. The refinancing cost is lower than usual.

If you lost your job, you can still qualify

Even if you have lost your job, have no income, no savings and no assets, have judgments, liens or if you are in collections for back monies owed, you can still be approved.

Take advantage of the low interest rates

The VA streamline loan is a government backed loan. Active duty men and women or veterans can be approved very fast and hassle free. With the interest rates at an almost low historical level, taking advantage of this loan would be a great way for them to have extra money in their pockets each month.

If previously tried to refinance, try again: New rules

The VA streamline in California IRRRL is the best loan on the market today. If any military personnel have tried previously to refinance and did not qualify, reapplying would be the thing to do. Some of the rules have been changed making it easier than before to refinance.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance | No Comments »

VA Streamine: Save Military Personnel Possibly Hundreds Monthly-Rock Bottom Interest Rates

Friday, June 10th, 2011

Many Americans are trying to save money anyway they can. Cutting costs by stretching their dollar on food, clothing and medicine helps. But, being able to reduce large expenses on a monthly basis, would be the most help. A lot of people have refinanced their homes. Now, with the VA interest rates hitting close to or being at rock bottom, active or inactive servicemen and women who currently have a VA loan, can save big money every month. They can refinance their existing VA loans under the VA Streamline Refinance Program.

A 620 Fico score or home appraisal no longer needed

If you have already tried to refinance under this loan program and failed, it would most likely benefit you to try to refinance again. As of April 18, 2011, the rules have changed for refinancing with the VA Streamline Refinance Program. Previous failed attempts might not be a problem for you now.

A Fico score of 620 or an appraisal is no longer needed. Also, this loan addresses the difficulties with your current VA loan being more than what your home is worth.

Some VA interest rates are as low as 2.75 percent with an APR of 2.45 percent. These rates are historically at low amounts. In many cases, hundreds of dollars can be saved each month on your mortgage payment.

Quick and easy loan approval

The VA Streamline Refinance Program is designed for active and inactive military personnel to take advantage of the very low interest rates. It was set up to make it easy and quick. Also, there are some places that will pre-approve you in just 60 seconds.

Other qualifying features that this loan has are:

Your existing VA loan has to be up to date on its monthly payments. You can not be behind.

There cannot be more than one-30-day late mortgage payment made on your existing VA loan within the last 12 months.

Employment and income verification will probably be needed.

A refund of your existing escrow account can be made to you.

You cannot receive any cash back funds from the refinance.

After the loan is approved, you can skip up to two monthly payments.

American military personnel and their families can widely benefit from the VA Streamline refinance of their existing VA loan, especially since the VA interest rates are very low. It will just save a lot of money each month for them. They can use the financial boost to help get caught up on other important bills. Families can stop skimping on their food, clothing and medicine expenses. Reducing monthly mortgage expenses will ease the money crunch that seems to be never ending.

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Posted in Home Values, VA Credit Score Info, VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

VA Streamline With No Appraisal

Monday, May 2nd, 2011

There are different kinds of loans that will enable a homeowner to lower their interest rate. By lowering their interest rate, they’ll also be able to lower their monthly payment. Veterans get a benefit that others don’t. That’s the VA streamline loan, also known as the Interest Rate Reduction Refinancing Loan. Best of all, it’s possible to get a VA streamline with no appraisal.

VA loan holders used to be able to refinance their homes with VA streamline loans very easily. Appraisals weren’t done and credit histories weren’t pulled. But that all changed when the housing market crashed. As the economy suffered, so did real estate. VA streamline loans were impossible to get if someone was upside down in their mortgage or who had a low FICO or credit score.

Effective April 18th of 2011, it’s entirely possible to get a VA streamline with no appraisal. So, what does that mean? It means that a person can easily qualify for one of these loans which could lower their interest rate by 1% or even more. Depending on what the house is valued at, a 1% decrease can mean hundreds of dollars in savings every month.

There are many benefits to a VA streamline loan.

- No out of pocket money – closing costs and other fees can be rolled into the total amount that’s being refinanced

- Low interest rates – Enjoy rates that are lower than what the rest of the American population can get because of being a veteran

- Locked in rates – It’s not a variable rate, which means you’re locked into the low rate no matter what

After serving your country, you deserve some great benefits as a Veteran. Being a veteran entitles you to the VA streamline loan. As long as your mortgage was done with a VA loan, you’ll meet the qualifications. Without having a home appraisal or credit check means that you’re more likely to qualify for the loan.

A VA streamline loan with no appraisal is a best case scenario when deciding to refinance your home. Many companies offer low rates, but they aren’t as low as what you can get with a VA streamline. After all, they’re designed to reward veterans. Taking advantage of this kind of opportunity will ensure that you are rewarded with a great rate that surpasses what many people in America are getting. Plus, refinancing is a much better option of getting out of a tough financial situation than bankruptcy or foreclosure.

Getting a VA streamline is much easier since April 18th. Low VA rates are just a click away. You’ll be able to fill out the application and get a response quickly. When there’s no dependency on credit checks and appraisals, you’ll be able to get a response quicker than ever. You’ll then be able to start saving money once your rate goes down.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | 4 Comments »

Lower Your VA Interest Rate Today With A Streamline Mortgage

Monday, April 4th, 2011

Your mortgage payment is probably the most expensive payment you make every month. The reason for that high payment is the interest rate. This means that if you can lower your VA interest rate, then you can save money. In our current state of economics, or anytime for that matter, saving money is always a good thing.

If you are a Veteran, you’ve served your country and are rewarded with certain benefits that the rest of America isn’t eligible for. One of these benefits is a VA loan on your mortgage.

Unfortunately, you may not have gotten the best possible rate the first time around. That’s why the federal government is looking to boost the economy and help veterans with a VA streamline loan. This loan is actually an interest rate reduction refinancing loan that you can qualify for as long as your current home mortgage was financed with a VA loan and your current interest rate is above 5%.

Your VA interest rate can be reduced dramatically. Depending on what your current home is worth, what the amount your current loan is for, as well as some other basics, like credit history and such will give you a monthly saving that you can’t pass up. A 1% reduction in the VA interest rate will result in anywhere between $100 and $600 per month savings. Per month! That means that just by refinancing your mortgage loan you save thousands of dollars a year.

Many mortgage companies charge you money out of pocket to refinance a loan. However, as a Veteran, this is another benefit to take advantage of. Any closing costs and pre-paids can be added to the new loan, which means you don’t have to pay anything up front. The process can take only minutes and the ability to qualify is very easy.

The VA interest rates are some of the lowest in the country right now. Most mortgage companies can’t come close to these rates, and best of all, they’re permanent. Other companies may offer you a low rate, but it’s an adjustable rate, which means that while it’s good now, it might not stay that way. The VA streamline mortgage is a low, fixed rate loan that keeps your savings high and your payments low for the length of the loan. You can’t afford not to take advantage of this great opportunity.

A streamline mortgage loan is the best way for you to save money and lower your VA interest rate. The federal government is trying to turn the economy around and this is their way of helping all of the veterans. If you like saving money and have a current VA mortgage, then this is the refinancing option you want to be a part of.

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Posted in VA Cashout Refinance, VA Loan, va interest rates | No Comments »

VA IRRRL Rates Hit 4.25% And Save You Money!

Tuesday, March 22nd, 2011

Home loans are constantly being defaulted on. However, there is veteran assistance that no other American can benefit from. Serving your country made you a veteran and now the government is rewarding you by offering you a VA IRRRL. An IRRRL is an interest rate reduction refinancing loan, otherwise known as a streamline mortgage loan.

These IRRRL loans are only valid if you currently have a mortgage that’s been financed through the VA and if the VA interest rate on your home is currently over 5%. There is a great opportunity to save a significant amount of money because VA IRRRL rates are hitting 4.25%. These rates are permanent, low fixed rates, ensuring that you save money permanently, not just while the market is down.

There are tons of banks offering refinancing loans. The different is that this one is specifically designed for VA loans. It is a permanent change in your interest rate. Others will still offer a variable rate that means you’ll get great rates now but may suffer significantly if the market turns around.

The streamline mortgage can save you hundreds of dollars. The higher your loan is, the more you can potentially save from this loan. For every 1% in interest rate reduction, you can save between $100 and `0 every single month. Whether your current interest rate is fixed or variable, you can save money from this loan because the federal government is trying to turn the economy around, starting with their veterans.

Often, a refinancing loan costs you money out of pocket. Closing costs and pre-paids are something that you have to shell out to save money in the long run, often outweighing the initial reason to refinance. There streamline VA IRRRL loans however require no cash up front. All of the involved costs can be added to the refinanced loan, making it extremely easy to get these loans. The application process is simple and easy to qualify for.

Saving money on your mortgage has never been so easy. When much of America has felt the results of the housing market, causing mortgages to be under water. You then have the problem of paying on a mortgage that’s more than what your house is actually worth. Qualifying for a loan that can save you hundreds of dollars will make this a whole lot easier to swallow.

Check out the VA IRRRL loans while the rates are still super low so that you can save hundreds of dollars. Then, you’ll have the extra money you’ve been looking for to take care of everything else that’s going on in your life.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

Can A VA Streamline Mortgage Save You Money?

Thursday, March 17th, 2011

There is a refinance program currently being offered by the Department of Veteran Affairs. If you currently have a VA mortgage loan, then you may qualify for the VA Streamline loan for veterans. Whether you’re in active duty or previously served in the military, you’re VA mortgage is offering relief.

Saving money has never been so easy. You’ve served your country and are a veteran – so why not cash in on the benefits of being one?

In today’s economy, the government is actively trying to get everyone back on the right path. If the mortgages across the country can be repaired, then the economy begins to improve. The VA streamline loan for veterans is an interest rate reduction loan. It’s not only simple, but easy to qualify for. It’s the best mortgage refinance option available on the market – if you are a veteran.

Look around at other refinancing options. You’ll learn that you’re responsible for a fair amount of fees involved with refinancing, and often, the rate will still be adjustable, meaning that your significant savings could be short-term.

If you are currently paying an interest rate of 5% or higher, than this is definitely a loan you should consider. Whether you currently have an adjustable rate or a fixed rate mortgage with a VA loan, you can qualify for this new loan. The rates for this loan are at an all-time low and can save you hundreds of dollars every month. Plus, it’s a permanent, low fixed rate, so you’re locked in to the great rate without worrying that it could go up.

By saving money on your mortgage, you can spend your hard-earned money on other things. Paying off other bills will mean that you’re not paying so much interest, which will in turn help you save even more money. Ultimately, if everyone is able to get back on their feet, then the economy turns around. A streamline mortgage is your best option for improving your personal finances.

The loan on your home and its current value can vary quite a bit. A 1% decrease in your interest rate can save you anywhere between $100 and $600 every single month, without spending any money tout-of-pocket. Closing costs and pre-paid points can all be rolled into the new loan amount. You can even get your current escrow account credited back to you.

A VA streamline mortgage can be just the thing you’ve been looking for to save you money. Not just a little money, but a significant amount. When there’s no money required from you, saving hundreds of dollars every month can have a dramatic impact on your overall financial liquidity and thus, your lifestyle.

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Posted in VA Loan, VA Refinance, VA Streamline Refinance | No Comments »

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