“Does GMAC offer a VA streamline refinance and if so, do you have to go through them to get it?” was a question that someone asked me yesterday.
My answer was:
Yes, GMAC offers a VA streamline refinance and no you don’t have to go through GMAC to be able to take advantage of the program.
The VA Streamline Refinance: What You Need To Know
The VA streamline refinance is designed to help Veterans who currently have a VA loan to refinance when rates are low so they can save money on the total interest on their loan as well as their monthly payments. The VA streamline program is offered by VA-approved lenders (not the VA or any other part of the government) and each lender may have slightly different requirements for the program.
Because GMAC is one of the larger lenders in the country, many Veterans currently have VA loans where they make their monthly mortgage payment to GMAC and hence, that is possibly one way that they heard about the program – and some assume that they need to go through GMAC in order to participate.
Because each lender may have slightly different requirements fort he VA streamline program if they are the lender, it is important to shop around for the best deal. It is common for someone to be told one thing at one lender only to find out something different at another lender. In addition to the VA streamline guidelines being slightly different at each lender, the other thing that is different is the interest rate associated with the loan for the program. You can expect pretty much every lender to be competitive when it comes to rates and fees, but competitive doesn’t mean that every lender has the lowest price.
Shopping multiple VA approved lenders who can help you with the program is the easiest way to get the best deal on a VA streamline refinance – only once you have multiple quotes from multiple lenders in front of you can you make an educated decision as to who is the right lender to work with.
Getting quotes for the program is easy, only takes a few minutes and shouldn’t require a fee. So in the event that you are currently a Veteran with a VA loan that is at a higher-than-market interest rate, start right here by getting your free VA streamline refinance quote today!