VA Streamline Refinance
The VA Streamline refinance primary function is to reduce monthly mortgage payments of veterans without a substantial amount of closing costs. The lender has the ability to pay all of the closing costs to include the VA funding fee. The Veterans administration named the program the Interest Rate Reduction Refinancing loan or commonly known as IRRRL. The streamline refers VA to VA refinances only transactions. In order to utilize the VA streamline refinance you must currently have a VA mortgage. The VA IRRRL streamline is designed to have less documentation that a traditional mortgage. The main goal of the loan is to save the borrower money by reducing the interest rate in order to free up cash flow.
Not all lenders participate in the VA streamline refinance programs, we are pleased provide this unique program to all of our clients. Most lenders have different loan programs, guidelines and rates for the VA streamline refinance program. Programs varies due to each lender/ investor have their own loan guidelines that must be met in order to complete the VA streamline refinance. Some lenders do not require an appraisal, income, assets to complete the VA IRRRL refinance. We have many different sources of lenders that offer a wide variety of refinance options. VA streamline refinance programs must have a tangible benefit to the veteran in order to complete. Core Mortgage Financial will fill out the VA refinance worksheet in order to determine if the loan program makes sense for the borrower.
Call us today toll free at 855-554-2673 to inquire about VA streamline refinance options.
VA HOME LOAN EXPERTS
Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms.
Helpful Terms Defined:
Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.
Note: The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.
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