Va Streamline Refinance – Some Helpful Tips

Va Streamline Refinance – Some Helpful Tips
If you are currently paying a mortgage that is getting a little out of control, you should know that you do have options. First of all, what do we mean when we talk about the mortgage getting out of control? Of course the mortgage itself is not losing control, but it might seem this way. This is what happens when you have a negative change in income or unexpected finances, then all of the sudden the mortgage that you thought you could pay suddenly seems impossible. This can be frustrating, anxiety inducing, and even depressing for many people, but the important thing to remember is that you do have many options, and there is no need to get upset. You can look into a VA streamline refinance.

When you are looking into a VA streamline refinance, what you can do is lower your interest rate and the principal. This is incredibly important for homeowners who are struggling to get by. When you are able to cut off even a little bit of the monthly payments, you are able to make a big difference in your financial situation and even see to it that you have some serious breathing room. If you are having trouble paying the monthly payments, however, it’s very important that you still keep up. In order to get the refinance option, you need have been on time for the last twelve months. Unfortunately, there are no exceptions where the lates are concerned.

When you are getting a VA streamline refinance the most important thing is that you have been on time for the last year. There is no need to think about your income, since this is not taken into consideration when your application is being reviewed. As a matter of fact, your house is not even appraised. You need to be going for a lower interest rate, and you need to be consistently on time when it comes to your monthly payments. This is why it is important that you get help as soon as you think you might need it instead of letting yourself fall behind.

The most important thing to remember about a VA streamline refinance is that you should not let your mortgage become delinquent. Sometimes we can convince ourselves that things will get better when we don’t know how they will. When in this situation, stop wishful thinking and apply for the refinance that can get you back on track.

Jeff Moran is an experienced loan manager representing Countrywide Home Loans in Orange County, California. To learn more, visit http://www.BDNationwideMortgage.com/ today!

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