As we mentioned in July, more than 8 million Americans could refinance into a lower interest rate today, according to CNBC.
This means millions could be saving money every month through a refinance, and this applies to Hawaii Veterans who have a VA Loan. Some Veterans may be unclear about their options to refinance with a VA Loan. The good news is that if you have a VA Loan you could do this through a program known as the Streamlined Refinance.
The Streamlined Refinance program makes the refinance process simpler than it is with other loan programs. That is because it extends Veterans the opportunity to refinance without the requirement of a re-qualification. There is less paperwork because there aren’t requirements to submit financial documentation such as tax returns and W2 statements.
Additionally, these refinances potentially come with less costs associated with the application when compared to other programs. On top of that, an appraisal isn’t needed because equity isn’t a requirement.
One of the main requirements is that the borrower did not have several payments that were over 30 days late.
To do a Streamlined Refinance for a VA Loan, it has to be a transaction of a VA Loan to a VA Loan Refinance, not a VA to FHA or Conventional Loan.
The main reason why this process is set up to be pretty seamless is because the VA Loan program is backed by the U.S. Department of Veteran Affairs and is set up to help those who have served our country become and maintain the status of homeowner.
If you have any questions about a Streamlined Refinance with a VA Loan in Oahu, contact us and we can walk you through the steps. We have vast experience with delivering VA Loans to Veterans, Active Duty personnel and surviving spouses in Hawaii.