What are some questions I should ask when trying to get a VA streamline loan?

Hi Shannon, In order to qualify for a VA Streamline, you must meet the following requirements:oBe current on your mortgage with no more than one 30-day late payment within the past year.oYour new monthly payment for the IRRRL must also be lower than the previous loan's monthly payment. (The only time this condition does not apply is if you refinance an ARM to a fixed rate mortgage.)oYou must not receive any cash from the IRRRL.oYou must certify that you previously occupied the property.oYou must have previously used your VA Loan eligibility on the property you intend to refinance.Call me we specialize in VA loans, we will get the BEST rate and costs available, Ralph Guertin 954-274-7725 or email me at ralph@absolutelowrates.com

When shopping, I always tell folks that you don't shop for a mortgage, but rather a competent loan officer.. and there's a good reason for this.. Mortgage finance can be really complicated for some folks, and because of all the different way's to structure a deal, it's very difficult for the average person to understand. Both the numbers and the client can be manipulated easily, so if your working with someone you trust, you'll feel more confident that they are looking out for your best interest and not their own.. Most banks have loan officers, however they are more of an application taker than a loan officer.. They know how to take an application, but they don't know how to structure a deal so it will get approved.. For example.. VA does not require an appraisal when doing a IRRRL, however most "Banks" do.. the application taker will not say that VA does not require an appraisal, they just say you have to have the property appraised.. if the value is not there, they wont do the loan.. knowing all this, the best recommendation I can give you would be to do a search for mortgage brokers in your zip code. The list will be big, but don't bother calling the banks.. stick with the broker.. When you see a loan officers name, you can go to the Nationwide Mortgage Licensing System website (NMLSconsumeraccess.org) and look him up.. There you will see their experience as well as any complaints filed against them.. once you feel comfortable with that info, give them a call and talk to them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com