January 31st, 2010 by admin

Veterans who bought their home with a VA home loan don’t have to cringe now when they see how low the interest rates have dropped. Now veterans can have an VA home loan interest rate that is very competitive, without the hassle of refinancing that non-veteran homeowners have to go through. This quick and easy solution is called the VA streamline refinance or the interest rate reduction loan. A lower interest rate reduces the monthly mortgage payment. For many households, this is their biggest monthly expense so any savings would have a major impact on how much spendable money they had each month.

The VA streamline refinance is very easy on the wallet of a veteran. Closing costs can be rolled into the loan, virtually eliminating any out of pocket expenses. Appraisals are not typically required, this is a savings of several hundred dollars. No credit check or employment verification means no hassles. The VA streamline refinance is usually a quick and easy loan as long as the current VA home loan has been paid on time for the last year. There is one late payment allowed, everyone has a late payment at one time or another.

One of the best things about this program is that it can be completed very quickly, sometimes entirely online. Most non-veteran homeowners would love to be able to get a home loan refinance this easily and this quickly. However, only eligible veterans can take advantage of this no hassle way to lower their monthly mortgage payments.