Question:

How can I lower VA home loan interest rates with little or no cost?

Answer:

If you already have a VA home loan interest rates can be lowered through a streamline refinance into another VA loan with more favorable rates. Actually, one of the requirements of the VA Streamline Refinance, also called VA Interest Rate Reduction Loan program, is to effectively reduce rates and monthly payment.

The VA home loan interest rates will be reduced through the VA IRRL program and there will be little or no cost associated with the refinance.

To be eligible for a VA home loan streamline refinance, one should already have VA mortgage loan benefits. They could roll closing costs of the refinance into the mortgage, or could take a slightly higher rate, if the lender pays it in negative points.

The Main Requirements for Lowering VA Mortgage Loan Interest Rates

Any other existing liens must be subordinate to the VA mortgage.

If you need a cash-out refinance, this is only possible for home improvement purposes. Actually, the veteran is not eligible for cash-back with a VA Streamline Refinance.

And, the VA mortgage has to be current and properly paid for the previous 12 months.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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