If you’ve already got a VA mortgage, now could be the best time in decades to consider a VA Streamline loan. A VA Interest Rate Reduction Refinance Loan (IRRRL), or Streamline, can be a great way for military families to reduce their mortgage interest rate and monthly payment. And, who doesn’t want to save money?
Today’s mortgage interest rates remain at historic lows. And, those who obtained their VA loans before interest rates began their steady decent in fall of 2008 can save a bundle.
With the VA Streamline refinance program, existing VA borrowers can refinance their mortgages quickly and easily with no income or credit qualifying. Lenders typically consider past mortgage payment history only. Most Streamlines close very quickly.
Another great feature of the VA Streamline program is that the VA funding fee is just .5%. Streamline borrowers can refinance their current mortgage balances for very little cost. With VA mortgages, the funding fee can be rolled into the loan if needed. If paying the fee upfront, borrowers will likely realize the cost to refinance “breaks even” in just a few months.
Not all VA-approved lenders handle Streamlines so contact a VA loan specialist first.
Ashleigh Downing is the Social Media Director for iFreedom Direct. She has been working with and writing about veteran’s benefits and issues for the past three years.
iFreedom Direct is a top national VA lender that specializes in assisting active members and retired veterans of the Armed Forces with VA loans.