Save Military Personnel Possibly Hundreds Monthly
Many Americans are trying to save money any way 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. 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.