Does Bank of America offer the VA streamline refinance program?
Of course, they do.
B of A is one of the largest VA approved lenders in the nation.
But many Veterans often ask the question:
“Is there a Bank of America VA streamline refinance program?”
And the answer to that is … not really.
You see, the VA streamline program is a refinance program for people who currently have a VA loan that helps them refinance into a new VA loan with a lower interest rate with a minimal amount of paperwork. There are plenty of VA approved lenders who can help you with a VA streamline – although you may not be aware of it.
Do you have to do a VA streamline with Bank of America if they are the one that currently has your loan? No. But since B of A is one of the largest VA lenders in the country, you would be wise to include them when you are shopping for a free mortgage quote.
VA streamline quotes are usually free (there is no fee to apply to see if you qualify in most cases with most lenders) and VA approved lenders are happy to help you see if you qualify.
Many Veterans who have VA loans are interested in making sure that they aren’t paying too much every month in their mortgage payment and when rates go down, they start exploring their refinance options. When it is time to do a VA streamline, the system is set up so that the best way to get the best deal is to get multiple quotes.
No Appraisal Required
it is possible in some cases to do a VA streamline without an appraisal – so if you speak with a loan officer at Bank of America and they say that an appraisal is required, be sure to speak with another lender about your situation. Each lender has slightly different guidelines when it comes to appraisals, but there are lenders currently offering the VA streamline no appraisal program if that is something that you are interested in.
No Minimum Credit Score Required
Similar to the situations where no appraisal may be required, there are also situations where a lender may not require a minimum credit score. When it comes to credit score requirements for the VA streamline, each lender may have slightly different rules. Some may require a minimum of 640, some may require a minimum of 620 and some may just require a verification of mortgage. So if a lender tells you that a minimum credit score is required and you don’t meet the minimum – be sure to get a different lender to work with.
Getting The Best Deal on a VA Streamline
Getting the best deal on a VA streamline means more than just getting the lowest interest rate. Things such as turn times, whether or not an appraisal is required and credit scores can often matter more than what the interest rate is. Bank of America is just one lender, so once you get their requirements, the easiest thing you can do to find out if they have a good deal is to get another quote.
Most lenders will let you roll all of the costs associated with the program into the loan, but be sure to shop for the best deal: just because you don’t have to write a check doesn’t mean there aren’t costs associated with it!
Getting a free VA streamline quote is easy – you can speak with one of our experts today for your free refinance quote — whether your lender is Bank of America or someone else, we are happy to help you with your VA refinance questions.
Take a minute to fill out the short form below to get matched with a VA-approved lender who can help answer your questions and provide you with a free, no-obligation quote.