Article Directory :: Business - General Articles Streamline Your Worries Away: Claim Your Lower Interest Rate With A Streamline VA Refinance By Hazel D. Seidman Republish: EasyPublish™ Published: 15Mar2012 Word count: 1415 Viewed: 48 time(s) Get Free Content For Your Site The Internet, television outlets and radio airwaves are buzzing with advertising about mortgage refinancing. However, veteran homeowners that need lower interest rates should first consider the benefits of a VA streamline refinance. In fact, let's take a moment to compare the differences between the VA streamline refinance and conventional mortgage refinance, before you apply for your loan. To start, it must be noted that conventional mortgage refinancing options are not designed with the veteran borrower in mind. Many restrictions make it difficult for the veteran homeowner to qualify for financing, including lower LTVs, higher interest rates, considerable out-of-pocket costs, credit qualification and prepayment penalties. In short, conventional borrowers are bombarded with significant amounts of paperwork and left playing the waiting game in many cases. To the contrary, a VA streamline refinance, also known as an Interest Rate Reduction Loan (IRRL), is very borrower-friendly and accommodating. The first thing to keep in mind is that VA loans are specifically designed to meet the needs of veterans. Typically, there are less documentation and eligibility requirements, including no appraisals (upside down equity is okay!), no asset verification or credit qualification. Veterans with fico scores below 640 also have an opportunity to apply and receive financing approval! But the good news doesn't stop with the aforementioned benefits. Veteran's can expect to pay no out-of-pocket costs and may even be able to defer two mortgage payments or roll closing costs into the refinance transaction. Now these are cost savings conventional mortgages simply cannot beat. Dollar for dollar, loans specifically designed for veterans are the better value. And if you thought these loans were only good for the veterans and their families, think again. You may be surprised to find that lenders have an incentive to enter into these transactions. Since 1944, the Veteran's Administration Department has guaranteed the repayment of a portion of all VA mortgage loans. Therefore, the lender has an incentive (limited risk) to give you the best rate possible. Undoubtedly, your VA loan rate will be lower than conventional, refinance alternatives. These comparisons make it clear why veteran loans are so attractive. If you need to lower your interest rate, with little or no out-of-pocket costs, while saving more of your hard-earned money, a VA streamline refinance is for you. For more information on these and other veteran loan products, contact the nearest VA-approved lender or visit the Veteran's Administration Department website. Get instant financial relief by lowering your mortgage payments at va streamline and va loans. EasyPublish™ this article - publishers click here More articles by Hazel D. Seidman

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