Do you have an FHA or VA mortgage and feel like you are paying too much in interest? A Streamline Refinance refinance may be the option that you have been looking for. If you purchased a home in Chula Vista, Point Loma, Bonita or anywhere else in San Diego using an FHA or VA loan and you thought the refinance process would be too complicated or expensive, think again.
Just like the name implies, a streamline refinance helps make the entire process simple from start to finish. It differs from a traditional refinance in that it requires a lot less paperwork and costs less because the process is so much easier. Because lenders have less work to do with a streamline refinance, we don’t have to charge as much as we would for a traditional refinance.
The FHA streamline refinance program has been around for years, and we are very familiar with the process. We can make applying and refinancing your loan easier and help speed the process along. The FHA streamline uses your existing FHA loan paperwork so there is no need to re-apply which saves you time. There are also no closing costs associated with FHA streamline refinance, saving you money. One of the only requirements is proof that your mortgage payments have been on time.
The VA streamline refinance loan works almost the same way as the FHA streamline refinance. It simplifies the entire refinance process and does not require you to fill out new paperwork. It also has lower costs than traditional refinance programs. A VA streamline refinance is also known as an Interest Rate Reduction Refinancing Loan (IRRRL). Another advantage of a VA streamline refinance is that in many cases it doesn’t require an appraisal, saving you even more money.
If you’ve been wondering if a streamline refinance is the right option for you, and you’ve purchased your home with either an FHA loan or a VA loan, then it makes a lot of sense to explore your options since the streamline refinance program makes it so easy to lower your rate and eliminates some of the costs associated with traditional refinance loans.
To get started you can use our Refinance Advisor for a free streamline refinance rate quote or call us today 619-498-0000.
