For veterans buying a home can be one of the most fulfilling experiences they can have. While purchasing a home and financing it can be very beneficial there are times when they will want to consider refinancing. When looking to refinance a home through Flagship Financial, veterans can take advantage of a unique option known as streamline refinancing. This type of loan is very lenient in terms of criteria and requirements. Veterans will not have to worry about meeting certain criteria such as getting an appraisal, income verification and also no credit score qualification. The refinancing loan is therefore one of the easiest types of loans you can get when looking to get an ideal financing arrangement for your home.
REFINANCE DESPITE BEING UPSIDE DOWN
One of the best things about a streamline refinancing loan is that you can still refinance the home even if you are upside down on your mortgage. If your home is worth less than the amount you owe on it, you can still restructure the loan and get a more desirable payment and term. Due to the very low interest rates associated with VA home loans, you can get a very favorable financing arrangement through streamline refinancing. While many other loan programs may deny you refinancing with an upside down mortgage, the streamline refinancing loan gives you the assistance you need in order to make your home mortgage payments more affordable.
SAVE YOU MONEY
Another great part of streamline refinancing is that it can save you a lot of money. The loans usually have very low interest rates which will therefore make your payments lower. This type of loan will also allow you to have more money available to pay for other things such as home improvements and college education. Therefore not only does this lower your monthly payments but is also allows you to have more flexibility in terms of funding other financial transactions that you may need in the future.
When getting a streamline refinancing loan, veterans can take advantage of more flexible criteria. This flexible criteria gives veterans a better chance of getting the ideal home loan when looking to refinance. With this type of loan they won’t need to get an appraisal which will save them time. There are no out of pocket expenses so they will not need to provide any additional funds to get this loan. Veterans taking advantage of this loan will not have to worry about having a certain credit score which will allow them to get this refinancing loan regardless of their credit rating. The loan also has no income verification requirements and will defer up to two mortgage payments. Therefore a streamline refinancing loan makes it very easy to get a more affordable home loan.