There are a large number of borrowers with Cal Vet loans in California that have much higher interest rates then current market rates. Depending on what type of Cal Vet loan that you have, you may be eligible for a VA streamline refinance. VA streamline refinances we designed to painlessly allow VA eligible borrowers to refinance down to market interest rates with very little documentation. So there may be no reason to continue paying a higher then market rate on your Cal Vet loan when you could easily drop your rate down and dramatically lower your monthly payment with a VA streamline refinance.
Below are some of the features of the VA streamline refinance:
- No appraisal required. So even if your mortgage balance is higher than your property value (you are “under water” ) you can still complete a Cal Vet to VA refinance and lower your monthly payment.
- No income documentation required. This is a great thing if you are self-employed and complicated tax returns.
- It’s OK if your home is currently a rental property, but you once lived in it
So as you can see the VA streamline refinance (also known as the IRRRL – interest rate reduction refinance loan) is a very easy way to lock in a lower 30 year fixed interest rate and lower your monthly payment dramatically. So if you currently have a Cal Vet loan, don’t hesitate to give us a call or email (email@example.com) and we can immediately find out if you are eligible for a Cal Vet to VA streamline refinance, and we will supply you with a worksheet showing you the numbers of the refinance.