VA LOAN CAPTAIN BLOG & Learning Center

Is It Time?

By: Grant Moon 01/26/15 12:49 pm

VA lenders are noticing it and you may be thinking about doing it. Refinancing your existing VA loan. According to the Mortgage Bankers Association, loan volume surged by more than 14 percent and applications for a refinance, including a VA streamline, increased by more than 22 percent compared to the previous week. Overall, according to the report, refinance applications are 63 percent higher compared to one year ago.

Rates have been on a rally as of late and are at some of the lowest levels not seen in nearly two years. And if you have a VA loan and the rate is anywhere north of 4.50%, it’s time to revisit the VA streamline refinance guidelines. Streamline refinance guidelines are rather easy to follow as there really aren’t very many. For a VA streamline, you must:

• Have no more than one payment in the last 12 months more than 30 days past the due date and no such payments within the past six months
• Make sure the new monthly payment will be lower than your current one or you’re refinancing out of an ARM or hybrid into a fixed
• Be refinancing from an existing VA loan into another
• Take no cash out

And what type of documentation will your VA lender need? Not much, really, that’s why it’s called a streamline. Other than the loan application, there’s not a whole lot needed from you. There is no:

• Appraisal
• Income documentation, W2s, tax returns
• Credit score requirement

There is no requirement to use your existing VA lender so you can shop around for the most competitive rate. When shopping, understand that all VA lenders price their mortgages using the same index so don’t expect to find a lender that’s 0.50% lower than everyone else. But don’t wait around this time. If you’re not sure if a refinance right now is in your best “interest” pick up the phone and call a loan officer. Don’t let this opportunity pass.

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