USAA is one of the bigger financial institutions serving the military community with various banking and insurance products available. Many Veterans currently have their mortgage at USAA (USAA Federal Savings Bank) and are asking about refinancing their VA loan into a lower rate.
Popular Question: If you have a mortgage with USAA, is it possible to refinance with a different lender or do you have to use USAA as your lender?
The simple answer is that you are allowed to use any lender (not just USAA) when doing a VA mortgage refinance, as long as they are VA approved. Many of the larger lenders are VA approved and can easily help you with a VA mortgage refinance.
Our Lenders are Ready to Help You!.
USAA VA Streamline Refinance (IRRRL): The Highlights
In the event that you choose to refinance with USAA, one of the most popular refinance programs is the VA streamline refinance. It is called the VA streamline (IRRRL) because of the streamlined paperwork required. It is significantly less paperwork than when you first got a VA loan or a traditional full-documentation VA refinance.
Depending on the lender you work with, you may not be required to get an appraisal (some require it, some don’t and some it depends on your situation). You may not be required to have a minimum credit score (again, some may require it, some may not). Additionally, you may be able to roll all of the costs associated with the VA streamline into your new loan.
Thus creating a situation where you could get a new lower mortgage payment without having to come out-of-pocket with the closing costs on your new loan.
No Appraisal Required
Many lenders will have a VA streamline no appraisal required option. If you are working with a lender who tells you that an appraisal is required, it can be a good idea to speak with multiple lenders. You might be surprised to learn that you can possibly get approved for the VA streamline refinance program without having to get an appraisal done.
Check for VA refinancing eligibility.
No Minimum Credit Score Required
Some lenders will require that you only provide a mortgage history, some lenders will require that you have a minimum credit score. If your lender that you are speaking to tells you that a minimum credit score is required (say 620 or 640) and you don’t meet the minimum – be sure to speak with another lender! You may be surprised at how different each lender can be when it comes to guideline overlays.
USAA VA Streamline Refinance: How To Save Money
The one simple trick that you can do to save money on your VA streamline refinance is to shop around.
Shopping multiple VA approved lenders means that you will get multiple rate quotes and cost quotes – and you just may be surprised at how easy it is to save a little bit of money just by shopping around.
Getting free quotes on your VA streamline refinance is easy, free and there is no obligation. Get started by filling out one of our forms right here today.
