John Thompson is the webmaster and owner of the popular website www.VARefinance.com The website specializes in helping VA borrowers learn more about the va streamline refinance and allow them to get a free current fixed rate quote.
VA Streamline Refinance often the best option in declining real estate market
The VA loan streamline refinance program called the Interest Rate Reduction Refinancing Loan (IRRRL) is one of the last great opportunities for borrowers in declining value market areas. While only borrowers with a current VA loan are eligible, many still do not know about it.
he streamline refinance does not take into consideration a sinking real estate market. Every week the big banks are cutting back loan availability in the numerous real estate markets which have suffered declining values. One of the best remaining opportunities to take advantage of lower rates is for borrowers who happened to have a VA guaranteed loan.
Any veteran or active duty serviceman should consider a VA loan when purchasing a house. And if they did obtain a VA loan over the last few years, chances are their current interest rate is higher than what is prevalent in the first half of 2008.
here are several reasons why someone should take a good look at the VA streamline refinance option.
- 1) There is no appraisal. So even if the house lost some value, the borrower is still eligible.
- 2) There is very little underwriting. There is no need to go through the regular process of proving income, assets, and credit worthiness.
- 3) Get a low fixed in interest rate. If the borrower originally received an adjustable rate mortgage when you bought your house, you can secure your payment stability by converting it to a 30 year fixed loan with most likely a similar or lower interest rate.
The closing costs on a streamline refinance are very reasonable as well. While it can vary from lender to lender, often times you can get a fixed rate with no out of pocket costs. The fees that are involved are relatively low compared to a traditional refinance. Also, if the veteran has any service related disabilities they would be exempt from the funding fee on a streamline refinance.
If a VA borrower is in a declining home value market this is the only reasonable way to take advantage of the mini-refinance boom that is going on at the time of this article's publication.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Get a VA Loan to Refinance your Home
- California VA Loan
- About VA Loans
- Learn about VA Loans
- Many Veterans Realize Their Dream of Home Ownership With a Va Loan
- VA Loans Explained - 7 Things Every Veteran Should Know About the Best Loan Available
- Veteran Administration (va) Loans – Thank You for Your Service
- Va Loan Advice
Next day loans no faxing-Monetary solution without faxing formalities
By: Quinton Diamond | 30/12/2009Faxing is the obstacle that makes delays in the loan approval? If you are in immediate need of additional funds and you are not having any way out, next day loans no faxing offer you a great financial help. In order to overcome your short term faxing hassles, these loans help you to obtain the instant cash aid without any hassle of faxing the documents at all.
New Bad Credit Mortgage Refinance Options from Obamas Stimulus
By: MPetrone | 29/12/2009Bad credit mortgage refinancing options now exist for millions of homeowners. This is all because of the $75 billion stimulus plan President Obama has enacted to help struggling homeowners. This money makes refinancing a mortgage easier to do for homeowners with bad credit, upside down mortgages, or other financial problems. Here is how you can use this stimulus plan for yourself and refinance a mortgage.
The Great Recession and How Did We Got Here?
By: Instant Quote Store | 29/12/2009I guess I am a little off the point here. What I am trying to say is in this trip I had a lot of time to think. My husband and I hardly speak to each other so I had lots of time to think. It was surprising how many people and places have been affected by the economy. It is the holidays and there isn’t very much joy out there. Not like in past years.
Mortgage Interest Rates in 2010 - Predictions, Trends, and Outlook
By: MPetrone | 29/12/2009Mortgage interest rates are currently near all time lows due to a bad housing market and a struggling economy. Many homeowners are refinancing a mortgage now to take advantage of low rates and Government stimulus programs. However, I predict that things will change in 2010 and interest rates will go up. Here are my mortgage rate predictions for 2010, and how I made them.
New Mortgage Refinancing Options President Obamas Stimulus Plan
By: MPetrone | 29/12/2009Mortgage rates are currently near record lows. Combine that with new mortgage refinancing options available from Obamas stimulus plan and millions of people can benefit from refinancing a mortgage. Here is some advice for homeowners looking to refinance a home loan with Obamas stimulus program.
Mortgage Refinance Stimulus Plan for Struggling Homeowners
By: MPetrone | 28/12/2009Mortgage refinancing is a great move for many homeowners. With interest rates near record lows and new Government programs in effect, getting help refinancing a mortgage is easier than ever. Even struggling homeowners and those with financial issues can find help. Here is some advice for homeowners looking to refinance a mortgage with Obamas stimulus plan into the low mortgage interest rates available today.
Mortgage Bankruptcy: Tips to Save Your Home from Foreclosure
By: Simon Volkov | 28/12/2009Mortgage bankruptcy filings are on the rise as homeowners continue to struggle financially. The American Bankruptcy Institute states bankruptcy filings rose 35-percent during 2009 and millions more are anticipated during 2010.
Could the mortgage market be starting to thaw?
By: Chris Borthwick | 28/12/2009Many new mortgage deals have started coming on the market with a start looking likely for a return to a more competitive market environment. Better interest rates to help first time buyers buy their first home and allow those looking to move get a decent price for their home.