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VA streamline refinance program Miami Fort Lauderdale Florida

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VA streamline refinance program Miami Fort Lauderdale Florida

If you hold a VA loan and you’ve been avoiding a refinance program Miami Fort Lauderdale Florida out of fear of paperwork and hassle, think again. The VA offers a Streamline Refinance program Miami Fort Lauderdale Florida to borrowers in good standing who originally financed their home purchase with a VA loan. With VA Streamline Refinance program Miami Fort Lauderdale Florida, you won’t need to jump through all of the hoops required for conventional refinancing. VA streamline refinance program  Miami Fort Lauderdale Florida

Why Streamline Refinance program Miami Fort Lauderdale Florida?

Most people who Streamline refinance program Miami Fort Lauderdale Florida do so because they want to lower their monthly mortgage payments. They may have heard that interest rates have dropped since they secured their mortgage and want to take advantage of the chance to lock in lower rates. Or, they may be in a high-interest adjustable-rate mortgage and want to switch to a fixed-rate mortgage. Less commonly, people may streamline refinance a program Miami Fort Lauderdale Florida from a 30-year to a 15-year mortgage. These folks will pay less in interest over the course of the loan, but their monthly payments will increase. This is only a good strategy if you’re sure you can afford a hike in your housing costs.

VA Streamline Refinance program Miami Fort Lauderdale Florida

VA streamline refinance program Miami Fort Lauderdale Florida

VA streamline refinance program Miami Fort Lauderdale Florida

The VA Streamline Refinance program Miami Fort Lauderdale Florida is also known as an Interest Rate Reduction Streamline Refinance program Miami Fort Lauderdale Florida Loan (IRRRL). It’s streamlined because it doesn’t require an appraisal or credit underwriting. That’s the good news. The bad news is that you can’t do a cash-out Streamline refinance program Miami Fort Lauderdale Florida, where you take money out of your home equity.

Still, an IRRRL should save you on your monthly payments by lowering your mortgage interest rate. The exception to this rule is if you’re using a VA Streamline Refinance program Miami Fort Lauderdale Florida to switch from an adjustable-rate mortgage to a fixed-rate mortgage. In that case, your monthly payments could increase, but you’ll have the comfort of knowing that your interest rate is set for the life of the loan.

If you don’t have the cash on hand to pay Streamline to refinance program Miami Fort Lauderdale Florida closing costs, you can roll your closing costs into your loan. This is often labeled as a “no closing costs” arrangement, but keep in mind that rolling closing costs into your refinance program Miami Fort Lauderdale Florida mortgage will increase the amount of interest you pay over the life of the loan.

Eligibility of a streamline refinance.

You may have heard that you can refinance program Miami Fort Lauderdale Florida from a conventional loan to a VA loan. This is true, but it doesn’t apply to the VA Streamline Refinance program Miami Fort Lauderdale Florida. To take advantage of the IRRRL program Miami Fort Lauderdale Florida, you must already hold a VA loan and this is known as a VA-to-VA refinance program Miami Fort Lauderdale Florida.

In addition to holding a VA loan, you must be in good standing on that loan, with no more than one 30-day late payment in the last year. Unless you’re refinancing an adjustable rate mortgage to a fixed-rate mortgage, you must prove that the IRRRL will lower your interest rate. You won’t need to obtain another Certificate of Eligibility to do a VA refinance program Miami Fort Lauderdale Florida, but you will need to pay another VA funding fee.

How to Get a streamline refinance program?

You’re not required to work with the same lender who got you your original VA loan when you purchased your home. In fact, if VA Streamline Refinance program Miami Fort Lauderdale Florida is right for you, it’s a good idea to shop around to get the best deal you can. You’ll find that different lenders offer different interest rates and fees. VA streamline refinance program  Miami Fort Lauderdale Florida

Bottom Line

What is a VA Streamline Refinance program Miami Fort Lauderdale Florida?

If you already have a VA loan and you’d like to refinance program Miami Fort Lauderdale Florida, the VA Streamline Refinance program Miami Fort Lauderdale Florida can be a dream come true. You’ll lower your interest rate with no income verification, appraisal or credit requirements. Even underwater borrowers can take advantage of an IRRRL. It’s a quick, simple way to cut your housing costs.

If a refinance program Miami Fort Lauderdale Florida is in your future, it’s important to come up with a plan for how you’ll use the money you save. What will you do with the extra money in your budget? Pay off student loans? Save for retirement? The more detailed your plan, the more likely you are to put that money to good use, rather than letting it blend with the rest of your spending. VA streamline refinance program  Miami Fort Lauderdale Florida

The VA home loan is hands down the best purchase in today’s mortgage market.  But the VA also provides refinancing options as well.  The VA offers two main refinance program Miami Fort Lauderdale Florida types. Each one is suited for different situations.

In short:

The VA Streamline Refinance program Miami Fort Lauderdale Florida is for homeowners with a VA loan currently.

The VA Cash-out Refinance program Miami Fort Lauderdale Florida is for homeowners

who currently do not have a VA loan

and/or who want to convert their home equity into cash.

Read on for specifics of these VA refinance program Miami Fort Lauderdale Florida options.

VA Streamline (IRRRL)

VA streamline refinance program Miami Fort Lauderdale Florida

VA streamline refinance program Miami Fort Lauderdale Florida

The most popular type of VA refinances program Miami Fort Lauderdale Florida is the VA streamline. This product is also called the Interest Rate Reduction Refinancing Loan, or IRRRL.

This loan type is available to homeowners who currently have a VA home loan. The IRRRL refinance program Miami Fort Lauderdale Florida is simply a new VA loan to replace a current VA loan with a higher rate.

Homeowners find this type of loan helpful because the VA does not require an appraisal, proof of assets, or income verification. It’s possible to refinance program Miami Fort Lauderdale Florida even though a borrower has experienced a drop in home value, reduced income since their purchase, or has a little money in their checking and saving accounts.

The loan also requires a reduced funding fee, usually 0.5% of the new loan amount. The fee is much lower than what purchase or cash-out VA loans require.

The borrower can’t receive cash at closing when using a VA streamline refinance program Miami Fort Lauderdale Florida. The loan amount must be no more than the amount it takes to pay off the existing debt and pay for closing costs.

For instance, if someone owns $100,000 and the new loan requires $3,000 in closing costs, their new VA streamline base loan amount can be no more than $103,000 not including the funding fee.

It’s worth mentioning again that this type of refinance program Miami Fort Lauderdale Florida can only be used by borrowers who currently have a VA loan on their home. For borrowers who are VA eligible and want to refinance program Miami Fort Lauderdale Florida, but don’t currently have a VA loan, they must use a VA cash-out loan.

VA Cash-out Refinance program Miami Fort Lauderdale Florida

The VA cash-out loan can be broken into two sub-categories.

1) Refinancing to get cash at closing

2) Refinancing to pay off any loan that is not a VA loan

VA cash-out loans are unlike VA streamlines because they require the borrower to provide documentation such as pay stubs, W2s, an appraisal, and bank statements.

VA cash-out loans also require a higher funding fee than VA streamlines. The most common funding fee amount is 2.15% of the loan amount for active duty service members or Veterans with adequate service. This fee may be higher if the Veteran has used their VA home loan benefit before or is in the reserves or National Guard.

While a VA cash-out is not as convenient as a VA streamline, the necessary steps are required to take advantage of the extra benefits they provide. VA streamline refinance program  Miami Fort Lauderdale Florida

Taking Cash at Closing of the Streamline Loan

The VA cash-out loan allows the borrower to receive cash for any purpose. Borrowers can open a loan with a bigger balance than they currently owe. The difference, minus closing costs, is then given to the borrower at closing.

For example, a homeowner owes $100,000 on their current mortgage, and they open up a new loan amount (not including the funding fee) of $123,000. Their new loan requires $3,000 in closing costs. So at closing, the escrow company cuts a check or wires money to the borrower in the amount of $20,000.

Although the loan balance and monthly payment increase, the borrower has an extra $20,000 in the bank. These funds can be used to pay off a car loan, make home renovations, or pay college tuition. There are no restrictions on what the borrower may do with this money.

Streamline Refinancing to Pay Off a Non-VA loan

The other purpose of a VA cash-out loan is to refinance program Miami Fort Lauderdale Florida and pay off any loan that is not a VA loan.

For example, a borrower purchased his home with a conventional loan, putting 20% down. Now home values have decreased and he or she can’t refinance program Miami Fort Lauderdale Florida with another conventional loan because his loan is 95% of the new value of the home. The borrower can use a VA cash-out loan to refinance program Miami Fort Lauderdale Florida and pay off his existing conventional loan.

VA cash-out loans can be up to 100% of the home’s value. So refinancing with a VA loan is often the only viable option.

If the home doesn’t appraise high enough, though, it’s possible that the borrower would need to pay money to close, even though their loan is called a “cash-out” loan.

For instance, a homeowner owes $100,000 on their existing non-VA loan. Closing costs are $3,000. If the home appraises for $100,000 and the loan is 100% of the home’s value, the borrower would have to pay $3,000 to close the loan.

A borrower can use a VA cash-out loan to pay off an existing non-VA loan and at the same time take cash out for any purpose.

Most often, the VA cash-out loan is used for one purpose or the other. But VA allows for both functions to be utilized in the same loan. For example, a borrower can have an existing FHA loan, and simultaneously pay it off and receive cash at closing with a VA cash-out loan.

Whether VA streamlines or VA cash-out, either type of VA refinance program Miami Fort Lauderdale Florida is a great benefit offered to U.S. military Veterans.

Types of VA loans:

  1. Normal VA loan

 

This is the most basic of the VA loans. It is useful when the veteran wants to purchase a home.

  1. VA Streamline Refinancing Loan

This enables the previously approved VA loan to refinance program Miami Fort Lauderdale Florida without additional costs. It reduces the interest rate on the VA loan.

  1. VA Cash Out Refinance program Miami Fort Lauderdale Florida Loan

This allows the veteran to withdraw any cash that exceeds the payment of his original VA loan. The limit is up to a maximum of 95%. VA streamline refinance program  Miami Fort Lauderdale Florida

  1. The regular ARM loan

This allows the veteran to convert his conventional loan into a VA enabled loan and gives him safety from any fluctuating interest rates throughout the life of the mortgage.

Why is the VA loan popular?

The VA loan is an extremely popular scheme in the US for the reason that it purports to serve. Owning a home is ultimately on every person’s mind.

The military service in the US has become attractive due to the introduction of this scheme. The VA loan is applicable only to veterans who have actually served in the military services.

Features of a VA loan:

The veteran need not pay the approved lender any down money. In order to secure any other home loan, the lender may have to show his income and credit worthiness and only when the lender is satisfied that the borrower will not default, is the loan finally approved. But in a VA loan, any income and credit can secure the veteran the loan.

The loans offer flexible payment options. Something that is not available in any other conventional home loans.

VA loans have no Private Mortgage Insurance on them.

The Federal approved VA loans attract competitive mortgage and very low-interest rates.

What is the eligibility for securing a VA home loan?

There are certain criteria that the veteran has to fulfill in order to qualify for a VA loan. They are:

The veteran must have served a minimum of 181 days during peacetime and around 90 days when there is an ongoing war.

The veteran may have given 6 years of his service as Reserve and National Guards.

The better half of a veteran who has laid down his life serving his country will also be eligible for the loan. The prerequisite is clear that the death must have taken place when the veteran was in the line of duty. VA streamline refinance program  Miami Fort Lauderdale Florida

What is VA Streamline Refinance program Miami Fort Lauderdale Florida?

The federal government is famed for taking initiatives to benefit a certain group or class of people. The idea of providing benefits to the society by individually appreciating their difficulties and challenges is well appreciated by the American public. It helps them to tackle one problem at a time and also increases the popularity of the government.

How does the VA streamline refinance loans work? VA streamline refinance program Miami Fort Lauderdale Florida

The Veteran Affairs does not issue any home loans but what it does instead is that it provides a guaranty on the qualified home loans. The agency only guarantees up to a maximum of one-quarter the value of the home loan amount. The guaranty itself is enough to pump up the confidence levels of the veterans to pay for their own homes.

 

The features of a VA streamline refinance are:

The VA streamline refinance program Miami Fort Lauderdale Florida is called by various names and the most common among them are the VA streamline Refinance, the Veteran Affairs loan and the interest Rate Reduction Refinance program Miami Fort Lauderdale Florida Loan or simply called the IRRRL. Throughout the article, we shall be using all these terms interchangeably.

The program Miami Fort Lauderdale Florida allows for refinancing of the Veteran’s current mortgage rate to a lesser rate than what he may be paying at the point of time before he decides to go in for the refinance program Miami Fort Lauderdale Florida loan.

The loan is extremely simple and hassles free and the formalities can be completed by the approved lender himself. This is one of the reasons that a lot of people prefer to refinance program Miami Fort Lauderdale Florida their home loan. If there were too many formalities or red tape in the department, there would not be half as many people who would have opted for this brilliant scheme.

The process does not consume much time and the conversion and refinancing can happen is a very short period of one month itself.

There is also no more paperwork involved. If the veteran has already approved a VA home loan, then the refinancing of that loan will not require any more paper submissions. Thus the refinance program Miami Fort Lauderdale Florida is not treated like enrolling for a new program Miami Fort Lauderdale Florida but merely upgrading to a better program Miami Fort Lauderdale Florida. The IRRRL is really beneficial for all the veterans.

Say, for example, there is a balance payable or any outstanding amount after the refinance, this can be rolled over into the cost of the VA loan repayment.

The terms and conditions of getting IRRRL approved:

In order to qualify for VA loan to be upgraded to IRRRL, the following terms and conditions must be fulfilled:

The veteran must be current on the mortgage and should not have defaulted payment more than once (that is for one month) in the whole of the previous year.

After refinancing the VA loan, the new periodic monthly installment must turn out to be lower than what it was originally in the unfinanced VA home loan.

There must absolutely no cash received or any cash receivable from the IRRRL.

There must be a certification that must be provided by the veteran that the house for which he intends to refinance program Miami Fort Lauderdale Florida his VA loan is being occupied or is already in occupation.

Lastly, the veteran must prove with valid documentation that the house for which the VA refinance program Miami Fort Lauderdale Florida is requested has already used the eligibility of the VA loan benefits.

Thus it is very clear that a VA streamline refinance program Miami Fort Lauderdale Florida loan or VA refinance can only be claimed by the veteran on his existing VA loan and after proving that the VA loan was indeed used for the same house that the refinance program Miami Fort Lauderdale Florida is requested for.

What is a VA Cash-Out Refinancing loan?

This is a secondary type of Streamline Refinancing loan. The features of the Cash Out Streamlining Refinancing loan are the following:

This secondary form of VA refinance program Miami Fort Lauderdale Florida loan allows the veterans to refinance program Miami Fort Lauderdale Florida his conventional as well as VA loans by reducing the interest rate on either of them.

It also allows the lender to refinance program Miami Fort Lauderdale Florida the entire 100% of the value of the property that is the full value of the home.

The refinance program Miami Fort Lauderdale Florida is available in various forms like the USDA, FHA, etc.

The veteran needs to prove to the lender that the home for which he is seeking a refinance program Miami Fort Lauderdale Florida is the same home that is in occupation or will be used by him for his place of dwelling. Proper documentation has to be given to the lender in order to satisfy this prerequisite.

It has been noticed that the Cash out Streamline Refinance program Miami Fort Lauderdale Florida loan is very popular than the Basic Refinance program Miami Fort Lauderdale Florida loan type because of the following reasons:

The Cash out refinances program Miami Fort Lauderdale Florida allows refinancing of other conventional loans also.

The period of payment is much longer than the IRRRL and the interest rate per installment is also much lower than it.

Even though there is no fixed time for the veteran to own the house, he must prove to the lender that he has sufficient equity to pay back his loan amount. VA streamline refinance program  Miami Fort Lauderdale Florida

How much VA streamline refinance loan can I get?

While a VA loan has absolutely no slab limit. The VA Streamline refinancing loan or the IRRRL is limited only to the amount of the VA loan acquired by him and nothing more.

Are VA streamline refinance loans assumable?

The term “assumable” means that someone else apart from the person who originally got the loan approved is ready to take the burden of the debt on himself. Now, why will someone do that? I can hear you ask.

When the mortgaged property is sold to another even before the loan amount is fully paid, the buyer of the property will and can take the responsibility of paying the rest of the mortgage. This is especially beneficial to the buyer especially when the interest rate on a new loan is much higher than the existing loan’s rates.

The buyer will need to free the seller from all liability in writing otherwise it may affect the seller’s credibility if the buyer defaults on the payment of the loan. Thankfully, a VA streamline refinances loan is completely assumable as compared to a conventional loan. VA streamline refinance program  Miami Fort Lauderdale Florida

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