VA Streamline Refinance Rates
In the real estate world there is one thing that is always true…interest rates are constantly in flux. That’s why it’s generally not a good idea to try timing the market. Just find a rate that fits your needs and jump on it. This is especially true in today’s environment where rates have hovered at all-time lows for quite a while. Once the market turns the other way you don’t want to be left out in the cold.
How to “Lock” Your VA Interest Rate
When you start the VA refinance process you’ll be given an interest rate for your loan along with some documents showing what your new loan will look like. This is part of a process called “pre-approval”. It’s generally a short process and at the end of it you’ll have the choice to either “lock” your rate or take whatever rate is available at the time of closing. But since we don’t know what rates will do, it’s a good idea to consider locking it once you’re pre-approved.
Once you have your rate locked the process will go fairly quickly. Some VA refinances, such as the streamline program, go very fast since you don’t need to provide much documentation. Other types, like the cash-out VA refinance, will take a little more time. But no matter what program you choose, at the end of the day you’ll have a great interest rate with little or no out-of-pocket expenses.
VA Refinance Rates Are Lower than Historical Averages
It’s been an interesting past few years in the real estate market with booms and busts and economic turmoil. But throughout most of that time VA refinance rates have stayed historically low. Thousands of veterans have used this as a chance to get a great deal on their mortgage. No one knows when the rates will creep back up, so it’s best to take advantage while you can.
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