Common VA Streamline Questions:
What is the difference between a VA streamline vs. a normal refinance?
The difference between a VA streamline and other refinances has to do with the qualifications as well as the documents required to qualify. For a normal refinance, you must qualify for the loan and provide all of your income, banking, credit, and liability information as well as an appraisal. Typically the loan cost will be higher than a VA streamline refinance. The VA streamline is a very quick, affordable, and non-stressful process.
Historically interest rates on a VA loan have never been this low before.
With the way the market currently is, VA interest rates are at an all-time low. With government funding and other factors, many people predict that lower rates not to last much longer. Most investors think that it is wise to hedge the risk of rates going back up and take advantage of the refinance now.
How long does a VA streamline refinance take?
The VA streamline process normally only takes 3-4 weeks. This will vary slightly dependant on the conditions that the lenders ask us for and the cooperation of the borrower.
What is a VA streamline refinance loan?
VA streamline refinance is simply a mortgage refinance of an existing VA loan with a limited amount of documentation and qualifications thereby “streamlining” the loan process.
What does a VA streamline cost?
With the VA streamline, there is no out of pocket costs, meaning that the borrower doesn’t have to bring anything to the table at closing. All of the costs associated with doing the loan are rolled back into the loan itself. Making it much easier for the veteran to afford the refinance. It also makes it easier to pay off the house faster.
What are the other benefits of the VA streamline?
Besides being an easy and non-stressful process, the VA streamline allows the borrower to defer two payments after closing, and also replaces the escrow account refunding the old one to the borrower making it easier to pay off other debt that they might have.
Now that you have a good idea what the VA Streamline is all about all that’s next is making the move! All you need to do is click the link below and we can get started on your refinance! Hurry, before rates go up!