VA Streamline Refinance from VAMortgageGuide.com

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US, Mar,08,2010 - Now is the best time for those who have an existing VA loan and are interested in refinancing. Interest rates are at low levels now. Also, since you already have a VA loan, you can apply for a VA Interest Rate Reduction Refinancing Loan (IRRRL) also called as VA Streamline refinance because of its simple process. When you apply for a VA IRRRL, one of the advantages is the relative ease it is approved compared to the refinancing of other loans. This involves no additional paperwork, out-of-pocket fees, background checks, etc. This is because everyone on the loan has already been approved by the VA, so there is no need for further checks again for the VA refinance. However, if there is a change in your marital status (whether you are getting married or divorced) there are some things you need to know.

If you need to remove a borrower from a loan, you need to reapply for a brand new VA home loan. This is because the entire status of the loan changes, so you are required to provide full documentation with credit check, debt ratio, income verification etc. You are still qualified for VA IRRRL but require a little more paperwork. If you have recently divorced and want to refinance, you will need to make proper arrangements with your spouse about the status of the Veterans affairs loan. When refinancing with a new spouse or co-borrower, you have to go through all the necessary steps with your loan officer first. Your new spouse will likely need to provide income statements, credit check, debt ratio, etc. before being approved on the VA IRRRL.

Refinancing a mortgage loan is easier and more common today, and this is true for both traditional loans and VA loans. Reasons for refinancing may be need for cash to pay off other debts, or just to lower interest rate on your current loan. The VA addresses these needs by providing two different veteran home loan refinance options: VA Cash-out Refinance Loan and Interest Rate Reduction Refinance Loan (IRRRL). In Cash-out, if your house is your primary residence and you already have a VA loan, you can qualify to refinance up to ninety percent of the appraised value. IRRRLs were created for veterans who want to refinance their loan to get a lower interest rate but not take out any cash. This refinance plan is also called the VA Streamline loan because of the speed and simplicity involved.

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