Do you currently have a VA loan in Texas? If you do, you could be eligible for a VA Streamline Refinance. As a homeowner, your biggest monthly expense is likely your home mortgage. If you’ve owned your home for an extended period of time and have made consistent payments, you may be able to reduce those monthly payments. What could you do with the extra money from a VA home loan refinance?
VA IRRRL
If you want to refinance while the interest rates are still low, you should consider a VA IRRRL. What is a VA IRRRL? An Interest Rate Reduction Refinance Loan is another name for a VA Streamline Refinance. You get a VA home loan with a lower interest rate.
While you may be interested in refinancing using the same lender, with a VA Streamline Refinance, you are not locked into the same bank lender. This could be to your advantage as a different lender might be able to offer you a lower interest rate than your current lender.
Minimum Eligibility Requirements
To qualify for a VA IRRRL, you must meet some minimum eligibility requirements. Those requirements include the following. You must currently have a VA loan to refinance into a new VA mortgage. In addition, the home you are refinancing must be your primary residence in which you certify that you are occupying. Lastly, you cannot take out a higher loan amount than your current mortgage loan amount. However, the closing costs for your VA Streamline Refinance can be added to your loan amount to eliminate any out-of-pocket expenses.
VA Refinancing in Texas
The benefit of applying for a VA Streamline Refinance Loan in Texas is that you do not have to verify income or bank account information. You do not need to provide W-2’s or bank statements. Additionally, you can be eligible with less than perfect credit. Not to mention, there is no appraisal requirement.
Contact Signature Lending Services Now
In conclusion, a VA Streamline Refinance can save you money with historically low-interest rates for veterans. Securing a VA Streamline Refinance Loan in Texas does not have to be complicated.
If you want expert advice to guide you through the process and help you with VA refinancing in Texas, contact Signature Lending Services. Signature Lending Services is an experienced industry leader. To get started with a VA Streamline Refinance Loan in Texas, call (214)-681-3540.