What is the history of the VA Streamline Refinance Program?
In the early 1980's, the government launched a new refinance program
called VA Streamline Refinance. This program allows anyone with
a VA loan to lower their rates at any time to the lowest rates available,
without credit checks, using their original paperwork! This means
that millions of Americans now have the opportunity to lower their
mortgage payments and literally save thousands of dollars off of
their total mortgage!
The term "streamline"
refers to the limited amount of documentation and underwriting that
needs to be performed by the lender. The majority of this paperwork
is already completed and only needs to be resubmitted to qualify
for the refinance, which in essence "streamlines" the
What are the requirements?
The only basic requirement of a streamline refinance is that you
can't have any payments over 30 days late in the last 12
months. (That means that if you've had any late payments under 30
days, you still qualify!)
Is there anything else I need to know about
refinancing a VA loan?
As with all loans, there are a few things that you can and can't
do with a VA Streamline. If you currently have a 15 year fixed VA
or FHA loan, you can refinance to a 15 or a 30 year fixed. You can't
however, take money out through a streamline refinance, and you
can't refinance to a higher rate than you currently have.
How long does a VA Streamline Refinance
A typical streamline mortgage takes between 25 to 45 days to complete,
depending on the time of the month that you lock in your rate.
When is the interest rate actually locked?
Your rate is considered locked when the loan officer has personally
verified your mortgage information and your intent to refinance.
Once the rate is officially locked, you have a limited number of
days to provide the required paper work and information before the
lock is lost. During the rate lock period your interest rate can
not go up. However, if interest rates drop during the application
period we will make every effort to refinance your VA mortgage at
the lower rate.
How accurate are the rates shown on this
We keep the rates as up to date as possible each day. However, the
rates shown are subject to banking holidays and available information
provided by the lenders themselves.
go to such lengths to provide the best VA Streamline Refinance rates?
We want you to tell your family, friends and associates, just how
much you saved and how easy it was to refinance your home loan with
VA Streamline Direct.com
here to Select your Rate