VA streamline refinance rates are generally lower than most conventional refinance options. The VA has made this possible as a benefit for veterans and military servicemembers. The Interest Rate Reduction Refinance Loan, otherwise known as the streamline refinance, is the most popular refinance option available through the VA loan program. Why? Because of its streamlined process and its incredible rates. With the IRRRL, the amount of paperwork that a borrower has to go through is hugely reduced. This allows a loan to be closed in only about 10 days—that’s less than two weeks, assuming that you return the few required documents on time. The reason why lenders can offer this loan with so little paperwork is because the borrower already has a VA loan (the IRRRL isn’t offered to anyone who is looking to refinance a home loan other than VA), so much of the necessary paperwork was filled when you got your original VA purchase loan, and it doesn’t need to be done again. Another reason why there are fewer documents to sign is because the IRRRL doesn’t allow you to take cash out on top of the home loan amount. To do this, you have to look at VA cash-out refinance loan. The second reason why the streamline refi is so popular is the new rate.
Should I Refinance My VA Loan?
There are many reasons why homeowners decide it’s time to refinance. But the biggest goal almost every homeowner is hoping to accomplish is getting a lower interest rate. VA streamline refinance rates change frequently—daily even. Because of such fluctuations, there’s a very good chance that interest rates may be significantly lower (or, sometimes, significantly higher) than they were when you first purchased a home. If you purchased with a high rate, either because it was the only option or because you were misinformed about the loan process, you might have been struggling under the financial pressure of that high loan rate for years. Paying large amounts of money into interest each month while building equity at a snail’s pace is discouraging at best. That’s where refinancing can be a huge help.
Don’t just let that change in interest flicker on your news feed. Take advantage of savings. With the IRRRL, you can actually save hundreds of dollars on your home payments each month. Not just every year, but each month.
VA Streamline Refinance Rates Are Backed
With a VA streamline the refinance process is much quicker than with a conventional refinance loan. The Veterans Administration backs the streamline refinance process to help veterans lower their interest rates. The VA streamline, which is technically called the interest rate reduction refinance loan (IRRRL), is an outstanding benefit for veteran home owners to take advantage of. With the VA streamline refinance, you very rarely need an appraisal or even a credit check. If you would like more information about streamline refinance rates call us now at 855-223-0705 or click here to get started online.
Other VA loan options include the Adjustable Rate Mortgage (ARM), fixed rate mortgage, and the VA hybrid. It’s possible to get into a heated debate with educated loan holders over which of these options is “the best.” However, each offers its own advantages and disadvantages. Whether you choose one or another is almost entirely dependent on your individual situation. Sometimes a borrower may choose one type of VA rate plan then realize a few years down the road that a different choice would have been smarter and cheaper. With the VA streamline refinance, you can make the switch. To figure out which mortgage would be best to switch to considering your personal finances, chat with one of our VA loan officers or take a look at our mortgage loan calculator to crunch out possible numbers yourself.
The VA IRRRL is offered to any veteran or active-duty servicemember who meets the service time and discharge qualifications. Because of the selfless service that military members give, the Department of Veterans Affairs backs home mortgage loans, allowing veterans to receive an incredible amount of benefits—just one of which is lower rates. Part of the reason why we (and other VA lenders) can afford to offer such low rates is because of the VA’s support, which provides more security to both the us, the lender, and you, the borrower, if you were to default on the loan.
However, the biggest reason why we offer low VA streamline refinance rates is because we respect and honor the service that veterans have given. It’s no small effort to devote your life to this country and this is just one way we can think of giving back. Our team works hard every day to offer the best deals, and we’re sure you won’t find better interest rates anywhere. Call us now at 855-223-0705.