The
borrowers already having a VA loan can get VA Streamline refinance loan to
change their term or lower their interest rate. The other loan programs ask for
the minimum amount of equity in the property when offering refinancing options.
This is not a case with VA streamline loan. You can secure this loan with
little or no equity.
Another purpose of VA Streamline is to reduce funding fee. You need to pay only 0.5 percent of your loan amount as a fee. You can save the entire funding fee if you are:
- An active-duty service member with the Purple Heat
- An individual with a service-connected disability
- A qualified surviving spouse
Compared to other loan options, VA Streamline requires less documentation. You don’t have to obtain documents with proof of bank account, employment, and income.
In most of
the cases, the appraisal process is more straightforward. There is no need for
an appraisal in several instances. This allows you to get the loan faster and
more conveniently.
For getting
a loan, you don’t have to return to your original lender. The guidelines of
this loan allow you to select the lender that offers terms and services as per
your expectations.
VA Streamline refinance loan by Sonic Loans – At Sonic Loans, we help you get VA Streamline without any hassle. You can also contact us for FHA loan in Florida or Michigan. For detailed information, visit our official website: https://www.sonicloans.com/.
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