Searching for a bank that can help you with your VA streamline refinance?
Be sure you read this – the information here can save you thousands over the life of your loan.
Do You Have To Use Your Current Lender?
If you are interested in the VA streamline the first question many people ask is “do I have to use my bank I make my payments to if I want to do a VA streamline? The short answer is no. You are allowed to use any VA approved lender who can help you get a new VA loan that will replace your old one. So if you are with bank X now and you choose to work with bank Y, your new lender will be bank Y and bank X will no longer be your lender after the transaction is done.
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VA Approved Lenders
VA approved lenders come in many shapes and sizes. Big national banks like Wells Fargo and Bank of America can represent the big guys, then there are smaller banks that many people have never heard of that are also VA approved. After those banks come the mortgage “banks” which are just direct lenders who lend you the money and then generally sell your loan immediately to the big banks. Lastly, there are brokers who simply broker the loan and lend the other banks money. The key to all of that is not to know the difference between a big bank, smaller bank, mortgage bank or mortgage broker – it is to know that any of them are fine to work with as long as they are “VA Approved”.
Not Every Bank is Right For Your VA Streamline
Not every bank is going to have the same rates, fees or guideline overlays – which means you are going to want to shop multiple lenders who could possibly help you with the VA streamline. Get matched with a bank that does VA streamline refinances and can help you in your situation today! Submit your information and get started now!
