By Ray Cole
The Department of Veterans Affairs provides loan programs, which allow qualified veterans to purchase or refinance a home. Among popular choices is the interest rate reduction refinancing loan (IRRRL), also known as a streamline loan. This program, as its name suggests, allows veterans to obtain a lower interest rate without the typical documents that are needed to refinance.Contact your current lender. Use your most recent mortgage statement to locate the phone number for your mortgage lender. Your lender may already have details about your property and employment. Give your current lender an opportunity to keep your business, but shop for other VA lenders that may be able to give you a better deal.
Inquire about refinancing opportunities. The VA streamline will help lower the interest rate or the term of your mortgage. This may eliminate delays, because the VA does not require an appraisal or credit report to refinance your loan. You are not allowed to receive cash from the streamline refinance transaction. A loan officer can guide you through the process of refinancing.
Apply for a VA loan to refinance your home. Your loan officer will forward a loan package for you to review and sign. Complete the loan application and make copies of any requested documents.
Attend settlement to sign your loan documents. Your lender will prepare a closing package that legally binds you to the terms of the new loan. An attorney or settlement officer will review the loan details with you and clarify terms that you may not understand.
Get rate quotes from 3 or more VA mortgage lenders.
http://www.lenderva.com
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