Veteran Benefits Blog » Refinancing

Do I Need An Appraisal To Do A VA Streamline?

Craig_Walton — Wed, 21 Dec 2011 19:15:39 +0000

VA streamline loans are a great benefit to any veteran who has a VA loan for their current mortgage. One of the best perks is that you don’t need an appraisal to do a VA streamline loan. As long as you use low VA rates for your VA streamline loan, no one will come to do a home appraisal. This is a government subsidized loan that is only for veterans – if you aren’t a veteran, then you cannot take advantage of these great offers.

There are many other benefits to a VA streamline loan, too. You can get started on this loan, commonly referred to as an interest rate reduction loan, by filling out a quick online application to see if you approve. Once approved, you will lock into a very low, fixed rate mortgage so that you have the ability to save hundreds of dollars every single month.

Depending on how much you owe on your house and what your current interest rate is, you can look at saving as much as $600 every month for every percentage point that your interest rate is reduced by. This could add up to thousands of dollars every year.

When millions of people are losing their house to foreclosure because they can’t make the mortgage payment anymore, this is a great opportunity for anyone who currently has a VA loan for their mortgage. Since you are a veteran, you can take advantage of this opportunity and worry about what you owe on your home, not what your house is worth.

Many people aren’t taking advantage of refinancing opportunities because they all require a home appraisal, which in most cases will show that you are upside down in the house and you won’t qualify. When you don’t have a home appraisal to worry about, it’s one big thing out of the way that was in between you and qualifying for a VA streamline.

The low VA rates are lower than anywhere in the country because the government is offering a special deal to the veterans of the country. If you have served your country proudly, then you need to take advantage of this opportunity. Rates are extremely low and the more you save on your current rate, the more you save each and every month.

Best of all, you are locked in to a fixed rate, so you get to benefit from these low rates for the entire duration of your mortgage just because you decided to go for a VA streamline loan today. The process is simple, so you have no excuses.

VA Streamline Helped With My Family Budget

Admin — Tue, 31 May 2011 18:32:33 +0000

I needed to get a va streanline with bad credit. It was pretty much the only way I could get a refinance in this market. My credit is not too good, but I had no late payments in the last year. Also, my income is not too good. Also, my house has depreciated a lot as well. Fortunately, the VA streamline only requires 12 months of good payment history. There was no appraisal or closing costs to pay. This refinance allowed me to get a lower interest rate as well as a lower payment, which has considerably eased my family’s financial numbers for the better.

Mortgage Insurance On VA Refinance

Admin — Mon, 04 Apr 2011 18:04:19 +0000

MoWe have often been asked, “Why is there no Mortgage Insurance on a VA Refinance?” I think that it is important to understand what Mortgage insurance is first. Mortgage insurance is a financial guarantee for the lender that will help to reduce or eliminate a loss in the case of a default by the borrower, and it is usually required on loans where there is less than twenty percent equity. That means if you are purchasing a home with less than twenty percent down or refinancing to more than eighty percent of your home’s value, you are going to be required to pay mortgage insurance. In other words, mortgage insurance spreads the risk between the lender and the insurance company.

On a VA Refinance, the borrower is required to pay a VA Funding Fee. The VA funding fee is added to your loan and it goes to the Veterans Administration. This amount is essentially an insurance premium to the VA to guarantee your loan. The guarantee means the lender is protected against loss if you, as the borrower, neglect to reimburse the loan. This is also why the VA allows for 100% Financing.

Low Rates on VA Loans

Admin — Fri, 18 Mar 2011 16:48:57 +0000

One of the benefits to being a veteran is the low va rates that are offered on mortgage and debt consolidation loans. Though a half of percent lower interest rate may not seem like much, it can save you hundreds of dollars a year on your mortgage payment. In the case of a debt consolidation loan, you can save just as much, if not even more money, by combining all of your high interest debt (such as credit cards or auto loans) into one monthly payment with a much lower rate of interest.

These loans are available through your local va lender. If you currently have a va loan, it may be beneficial to contact that institution to see if you are eligible and can benefit from a refinance or consolidation loan. If you are a first-time home buyer, it is also a good idea to find a local va loan provider and compare their rates and fees to that of a conventional loan. You may be pleasantly surprised at what you find! Va loans are more often a better deal both in the long- and short-term. Contact your va lender today to discuss eligibility requirements and restrictions for a home or debt consolidation loan.

Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?

Blog Admin — Tue, 03 Nov 2009 18:14:54 +0000

No one knows exactly what the future will hold. This is especially true in regards to the housing market. Experts might have a pretty good indication of what the housing market might look like in the future, but a sudden event or a series of events could through even the strongest predictions off course.

In order to predict what the future housing market will entail, it is important to understand the different factors that affect the housing market.

1. Subprime lending and the ALT-A market-Keep in mind that subprime lending is no longer. There isn’t an ALT-A market anymore either.

2. Fannie Mae – Even though we all saw the disaster that occurred with Fannie Mae and Freddie Mac last year, Fannie Mae loans really haven’t been affected by the market trends. So, it is probably safe to say that Fannie Mae loans won’t be affected heavily in the future either.

3. FHA loans – People have been literally flocking to get FHA loans. These Federal Housing Authority loans have become extremely popular and have been a good selling point to first-time home buyers. These loans just might have a huge impact on the future of the American housing market.

4. Jumbo loan rates. Jumbo VA loan rates have not been keeping up with the rest of the market. The rates on jumbo loans have been rising faster than regular loan rates.

Experts predict that there shouldn’t be too many shifts in the housing market in the future. Predictions state that the housing market should level off and remain constant. Therefore, it is safe to assume that VA loan rates should remain about the same. Mortgage terms and conditions should also remain constant. The best news is that the market is on the rebound. Consumers everywhere are beginning to have more faith in the market. From there, everything should be able to correct itself.