VA Streamline Refinance Pros and Cons
Is the VA streamline refinance loan right for you?
all (855) 956-4040 if you have questions about the VA IRRRL
Are you considering refinancing your VA loan? In this article we will look at the VA IRRRL pros and cons. There are a number of benefits to consider.
There are a lot of VA streamline pros and cons to think about. The interest rate reduction refinance loan may not be right for everyone however the VA IRRRL is an incredible benefit for veterans and military service members.
The VA streamline refinance can save a person thousands of dollars in the course of the loan. And the best part is that it is a simple process. VA streamline refinance is often the most cost-effective way for military veterans to take advantage of their benefits.
However, it can also offer some distinct disadvantages that should be considered before making any final decisions about this type of loan. In this article we will discuss the VA IRRRL program pros and cons so that you can make an informed decision when deciding whether or not to pursue VA streamline refinancing as one of your home financing options!
Did You Know?
Right now is a great time to refinance your VA Loan. Interest rates are still very low.
Call 855-956-4040 to check for low VA rates now.
VA Streamline Pros
Lets take a look at some of the benefits of the VA streamline refinance or also known as the VA IRRRL.
- Lower Interest Rate. This is the primary reason most veterans do this loan is to lower their interest rate.
- Fast & Easy. The VA streamline is called a streamline for a reason. It is a fast and easy process compared to other loans.
- No appraisal. The VA IRRRL does not require an appraisal check.
- Limited income check. Most lenders just want to know you are able to make your mortgage payment.
- Defer 1 to 2 payments on your VA loan. This is really nice around the holiday season.
- No cash at closing.
- Does not need to be the primary residence. You are able to streamline your investment properties.
- Lower VA IRRRL funding fee.
VA Streamline Cons
VA streamline refinancing offers a great way for those with eligible loans to get lower mortgage payments. However,it may not be the right option and there are some differences in it's process that should be known before deciding on VA streamline refinancing.
- This is not really a con but you must be able to benefit from doing a VA IRRRL. The benefit has to be at least .5%.
- You are only able to do the VA streamline refinance on existing VA home loans.
- The VA streamline refinance does not allow cash back. However you are able to do a VA Cash-out refinance if you want cash back.
Frequently asked VA Streamline Questions
Here are some additional questions that you may be having with the VA Streamline refinance program.
- Have you refinanced a VA property using the Streamline refinance program?
- What are your thoughts on being able to make more mortgage payments at once?
- How does this program help lower veterans' monthly expenses?
- Do you think this is a good way for veteran home owners to save money in their budget?
- Did any of your family or friends benefit from this program?
Give us a call at (855) 956-4040 to get all your VA IRRRL questions answered.
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National VA Loans is here for you! We are dedicated to helping our military families get a great mortgage. National VA loans is powered by LeaderOne Financial Corporation, LeaderOne Financial is a Equal Housing Lender. NMLS ID 12007. National VA Loans is not affiliated with any government agencies, including the VA, FHA, or HUD.
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