Too many homeowners are afraid to refinance their mortgage. This can be attributed to a lot of reasons, including the sheer intimidation that the process can produce. While the process is daunting, the benefits are fare too many to ignore.
Fortunately, if you already have VA home loan, the process is a little easier and slightly less confusing than it is for many others, because a VA-to-VA refinance is the main tool in eliminating the hassle.
The benefits are numerous, but here are five features that stand out.
- You Can Refinance with Ease – A VA Streamline loan, also known as the Interest Rate Reduction Refinance Loan (IRRRL), because veterans can lower their rate and monthly home payment with ease and speed. The veteran has already been approved for their first VA home loan and now they’re eligible for a lower interest rate WITHOUT going through the entire approval process again.
- No Need for Appraisal – As long as the veteran already has VA home loan, they do not need to go through the entire process of another appraisal. This means that even if more is owed than what the house is currently worth, they can still be approved because the current value of the home will not be known.
- No Issues – there are no need for paystubs, tax returns or bank statements. This makes the entire process much easier and with fewer hassles.
- Quick Closes – With the VA Streamline loan, the closing process is quick. Your new rate will be issued and you’ll be paying less per month in a matter of weeks, not months.
- Low Rates – VA home loans are backed by the government, so banks are able to lend at an ultra-low interest rate.
If you’re looking into VA home loans or are wanting to refinance your home, contact our offices in Joplin, MO. We have the experience and expertise to help you and your family get the rate you need.