VA Streamline Refinance Rates – How to Get the Best Deal(1)
VA Streamline Refinance Rates – How to Make Sure You Are Getting the Best Deal
You’ve served your country with honor, now let the VA loan program honor your service as you search for the lowest VA streamline refinance rates. The VA loan program rewards service men and women by being more aggressive that conventional loans in the area of loan-to-value and credit related qualifications. Below are some primary factors to consider when comparing VA streamline mortgage rates:
VA Streamline Refinance Rates – Banks or Brokers?
One important factor to consider is whether its better to work with one of the big banks for your refinance(Wells Fargo, Chase, US Bank, etc) or whether its advantageous to work with a smaller local mortgage broker or banker such as Bridgeview Bank. The “big banks” may have a lot of flashy advertising and tv commercials promoting their VA refinance capabilities but remember, those ads are expensive and often times they are forced to pass along some of that expense to the end customer in the form of slightly higher interest rates and fees. Since smaller banks and brokers have much lower overhead cost, you may find an overall cheaper deal. Also, remember that the VA Streamline Refinance program is virtually identical no matter who you do business with, so be careful not to fall for a big bank using a flashy name to give the impression that their version of the VA program is unique. Banks both large and small can quote you VA Streamline Refinance Rates so get a quote from a variety and go with which ever you feel most confident with.
VA Streamline Refinance Rates – Closing Costs?
Another factor to consider when in search for the best VA streamline refinance rates is closing costs. Since mortgage rates are so low these days, it should be possible for the lender to pay for 100% of your closing costs. You may not end up with the absolute lowest rate, however by using this strategy you will likely still save a good amount on your monthly payment and also then not need to bring any money to closing. Be sure to ask the lenders you’re considering whether they can cover any or all of the closing costs when they are quoting you VA streamline refinance rates.
Finally, once you have narrowed the best refinance lenders down to your top two or three, and you’ve asked all the right questions, its time to compare their rates, terms, cost, and most of all: their reputation and credibility. If you grade the best refinance lenders on their credibility and experience first, you will have the best chance for a smooth and efficient refinance transaction.
Author Joe Karns of Bridgeview Bank is a seasoned mortgage professional dedicated to bringing his subscribers relevant and useful information on how to compare mortgage rates. Want a free mortgage checkup? Check out Joe Karns at the following link for more a FREE refinance consultation and expert advice on getting you the best VA streamline refinance rates.
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