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If you have a Veteran’s Administration (VA) note on your home and you want to refinance your existing VA mortgage you will need to read this article to learn how to do so. You must be a qualified member of the Armed Forces or a past member in order to qualify for a VA note or to qualify for a refinance through the VA. If you want to reduce the amount of interest you are paying on your loan you need to make application for the Interest Rate Reduction Refinancing Loan (IRRRL), also known as a streamline loan. This will enable you to obtain refinancing without off the required documents of other mortgage lenders.

Step 1: Make a call to your lender. You can find this information on the mortgage statement that you get each month. If you try to refinance through your current lender, you will have most of the documentation on file. You may have to update the information, but you won’t have to spend the time putting together a package for another lender. If your current lender does not handle refinancing, you will have to find another lender who specializes in refinancing and refinancing for VA notes.

Step 2: Find out about the streamline program with VA. The VA will not require a current home appraisal nor will they require a recent credit report to refinance your home. You will not be able to cash-out or keep any of the proceeds from the refinance is you go with a VA loan. The loan officer will explain all the terms of refinance to you.

Step 3: The lender will prepare a package and forward it to you for your review. If you agree with the terms, sign the application and send all the documents that the lender requests accompany the application.

Step 4: If you have been approved for the VA refinance your lender will schedule a date to close on the loan. You will have to meet at the closing location with the loan officer, your attorney or representative, and usually the title company representative to close on the loan. When you have signed the papers you are legally bound to repay the refinance loan just as you were with the original mortgage on your home. Be sure that you understand each of the documents fully before you sign off on the paperwork. The loan officer or your representative will be happy to make all explanations necessary to help you understand what you are signing before you sign.