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Getting a VA streamline refinance mortgage can provide you with a number of unique benefits. Here are some of the benefits that you can realize with this type of mortgage.
1. No Credit Qualifying
One of the biggest benefits of the VA streamline refinance mortgage is that you do not have to go through credit qualification. The lender is not going to pull your credit history or look at your credit score.
2. No Income Documentation
Your lender is also not going to check to see how much money you make. Since you have already been making your mortgage payment, they know that you have the means to continue doing so.
3. No Job Verification
Most lenders are going to call your employer to make sure that you are still working with them before they would even consider giving you a loan. With the VA streamline refinance mortgage, this is not going to be an issue. They will not call your employer or verify anything.
4. Skip up to Two Payments
When you go through this process, you can skip as many as two payments before you have to start paying again. This process can allow you to save up some money in between mortgages.
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- Home Equity Loans for People with Bad Credit