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When interest rates are low, homeowners rush to refinance. When they are low for a long time (like the last few years have been), homeowners are often able to refinance multiple times and still save money each time they refinance.
Depending on the type of loan program you are in, there are different types of refinancing programs that are available. Two of the most popular refinancing programs include the word ?streamline? in them ? the VA streamline refinance (also known as the VA IRRRL) and the FHA streamline refinance.
VA Streamline Highlights
The VA streamline is designed for Veterans who currently have a VA loan to refinance with a minimum amount of documentation (hence the word ?streamline?). The VA streamline is popular because many lenders don?t require an appraisal so if you have lost value in your home and you owe more than it is worth, you still may be able to refinance.
VA streamline requirements include:
- Be current on your mortgage
- No late payments on your mortgage in the last 12 months
- New mortgage payment must be lower unless you are going from an ARM to a fixed rate
- No cash out allowed
- An appraisal may be required by the lender
- The lender may require proof of income
- The lender may require a minium credit score
FHA Streamline Highlights
The FHA streamline is very similar to the VA streamline except it is for people who are currently in an FHA loan. ?It requires very little documentation (when compared to a traditional full doc refinance) and is very popular with homeowners when rates are low.
If you think that you meet the VA or FHA streamline requirements, the next step is to meet with a loan officer and see if you do indeed qualify or what you need to do in order to qualify. ?Shopping multiple lenders is an easy way to get a good deal on your streamline refinance ? and shopping is free and usually pretty easy to do.
After all: when it comes to saving money, a wise investment of your time put into shopping can go a long, long way.
Source: http://www.wannanetwork.com/2013/03/14/streamline-refinancing-popular/
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