You Are in Luck With a VA Streamline Loan - Are you a Veteran feeling financial stress as a result of the economy the last few years? Are bills piling up as a result of opportunities lost while you are (were) on active duty? Does filling your tank with gasoline seem like it will break the budget? Would it help if you could lower your monthly mortgage payment; defer one or two mortgage payments and get a refund of the balance in your escrow account? You are in luck! A VA Streamline Refinance is the answer you may be looking for.
Lower your monthly mortgage payment: A VA Streamline Refinance is a government program geared to allow Veterans to refinance their current VA Mortgage to take advantage of a lower interest rate. The payment must be lower when the VA Loan is refinanced unless refinancing from an ARM (Adjustable Rate Mortgage) to a fixed rate mortgage. Generally people save between $50 and $200 per month. Current interest rates are very low so this is a great time to refinance as the lower rates than may not be available for long.
Refund of escrow account balance: Although no cash can be received as a result of the refinance, the end result is that money generally is made available for the homeowner. One possibility for having extra money is from the refund of the escrow account balance after the current loan is paid off. A few days after closing, a check for the balance remaining in the escrow account will be mailed from the lending institution.
Defer one or two mortgage payments: When you apply to refinance your mortgage, you must pay your current mortgage payment. Generally the loan closes and the loan balance is paid off within about 4 weeks and before the next payment is due. The new VA Streamline Loan will not require the first payment to be due until 4 weeks after closing. The result is that the homeowner has the money to use as needed that would normally be spent on mortgage payment(s).
Requirements for a VA Streamline Loan: The requirements are very simple and all closing costs can be included in the new loan. There is no appraisal, income or employment checks required. Basically the only requirement is that the loan has been paid on time for the past 12 months and is current at the time of the refinance.
Take the first step:
The first step toward getting your VA Mortgage Loan refinanced through a VA Streamline is to contact a lender and ask for a VA Streamline specialist. Within a few minutes you will know if you can refinance to a better interest rate and save money on your mortgage payment each month.
By Josh Swenson
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