MyVaRefinance
  • HOME
  • ADVANTAGES OF VA LOAN
  • VA STREAMLINE REFINANCE
  • GET A QUOTE
  • BLOG
  • TESTIMONIALS

Understanding Various Aspects of Streamlining a VA Mortgage Loan

5/17/2013

0 Comments

 
In comparison to conventional home loans, a VA mortgage loan offers a number of specific advantages. Along with lower mortgage rate and zero down payments, the borrower also gets the options to streamline the mortgages through the Department of Veterans Affairs or the Federal Housing Administration. A VA mortgage loan can be further streamlined without going through normal paperwork and procedures.

The loan can be streamlined without any additional credit appraisal or check. So the borrowers are not required to provide any documents to prove their employment or income. The option makes it easier for the unemployed or the people having credit problem to reduce VA mortgage rates. However, the lenders will check the payment history of the existing mortgage loan. Similar to Interest Rate Reduction Refinance Loan (IRRRL) program, the streamlining process also require borrowers to keep their home loans current.

It is also essential for the borrowers to meet certain eligibility criterions. For becoming eligible for VA streamline refinance, the current loan must be in good standing for at least twelve months. Further, the borrower must be applying for refinancing with the sole objective of reducing his payments and interest rate. Also, the borrower is not allowed to take any part of the refinanced mortgage in cash.

At the same time, the borrower cannot obtain a streamlined mortgage loan whose amount exceeds the original loan amount. Along with possessing Certificate of Eligibility issued through the Veterans Administration, the borrower has to refinance the investment property only through the no-appraisal process. Also, the streamlining facility is available only for the prior service veterans and active-duty military personnel.

A borrower has option to streamline his loan through several lenders. Some lenders even customize the streamline mortgage offer by including additional features. For instance, some lenders allow borrowers not to pay the loan closure charges upfront in cash. Also, you can choose a borrower who charges you lower interest rates. Lenders may also increase the borrowed amount by adding the closing cost to the new loan amount. 

0 Comments



Leave a Reply.

    Archives

    December 2013
    August 2013
    July 2013
    May 2013
    February 2013
    December 2012
    November 2012
    September 2012
    April 2012
    December 2011
    November 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010
    December 2009
    November 2009
    October 2009
    September 2009
    August 2009
    July 2009
    June 2009
    May 2009

    Categories

    All
    Home Loans
    Irrrl
    Mortgage Rate News
    Refinance
    Va Loan
    Va Loan Rates
    Va Loans
    Va Mortgage Loan
    Va Mortgage Rates
    Vamortgage Rates
    Va Refinance

    RSS Feed