Question:

How long to complete the VA home loan process for a refinance?

Answer:

If you are trying to refinance your existing home loan to a VA mortgage to cut your monthly payment as soon as possible, the whole VA home loan process will be generally completed in up to 3 weeks, unless you are using the VA IRRL program (that is, if you have a VA loan already).

The greatest part of the process to switch to a VA mortgage loan is dedicated to the appraisal. House appraisals for VA loans have to be performed by VA approved appraisers and additional paperwork is involved.

What helps speed up the process is your cooperation with the paperwork. The following documents are needed when not using the VA Streamline Refinance program:

  • Driver's license (copy) or any official I.D.;
  • Last 2 years W-2s (copies);
  • Yearly gross income statement;
  • Statement of Service (active duty) or DD Form 214 release paper (veteran);
  • Proof of any VA, social security or disability compensation (copies);
  • Current mortgage note;
  • Homeowner's insurance (copy).

Providing all the paperwork on time and going under automatic underwriting (available with most lenders) speeds up the VA home loan refinance process. After VA application is submitted to the VA lender, they will order VA house appraisal through VA. Expect the VA approved appraiser to get in touch within 5 business days. Except for overall appraisal, a pest inspection is also demanded to be performed by the VA.

While undergoing appraisal and pest inspection, loan officers will be working on verifying your other documentation. Going through a refinance to a VA home loan process requires much less red tape compared to most other loan refinances. Also, the benefits of the liberal VA rates and requirements will be immediate on your family budget. If you are a veteran or active duty, or an eligible spouse, you are encouraged to make use of the VA benefits.

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