Now is the Time to Refinance VA Streamline

Perhaps you have heard about VA interest rates and how CRAZY low they are?  If not here is your notice!!!

For decades, the VA has offered a VA streamline refinance for those who currently have a VA loan.

Here are the benefits!!!

1.  No appraisal- a huge benefit, even if you are upside down in a house at this moment, refinancing could make sense if you are planning on being there long term.  You will save on interest and as the housing market rebounds so will your values.

2.  No income qualifying-  that is correct no income is necessary sounds too good to be true almost, but that is the way the VA has set it up for over a decade.  No asset verification either.

3.  “Skip” payments-  Defer is the real word, but when you refi on a streamline- you defer two monthly payments, for example right now folks who are sending me their loan papers are not going to make August or September’s payments.  That is a function of how mortgages are paid in this country, in arrears.

4.  Escrow refund-  when the old higher rate loan is paid off, whatever is left in the escrow account of that old loan, that money is refunded to the homeowner.  For example lets say you are with ABC Bank.  When we pay them off in August, they have 30 days to return the $3200 that was in the escrow account that had be used to pay the annual taxes and homeowners insurance.

5.  A lower payment!  Isn’t that the ultimate goal of a refinance?   With rates currently at 3.25% and up on the VA’s hybrid and fixed rates at all time lows 4.25% now is the time to refi.

Don’t wait around to see what happens, we hear that all the time that this the time now is to act.  Take the bull by the horns, be a true American this 4th of July and take charge and stop overpaying for your house and mortgage.

There is absolutely no reason to pay more!   You wouldn’t walk into the grocery store and pay $1 more for a gallon of milk….would you?  I didn’t think so.  Don’t do it on your home loan either.

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