VA Mortgage Refinance
If you are a U.S. military veteran with a conventional or VA mortgage, a high interest subprime mortgage, or an adjustable rate mortgage that is about to reset, now is the perfect time to refinance into a lower-cost loan. The Department of Veterans' Affairs (VA) offers several refinancing programs that could significantly lower your mortgage payment. By choosing a VA mortgage refinance over a conventional mortgage, you could save thousands of dollars in interest alone.
With a VA mortgage refinance, you may also be able to:
- Lower interest and monthly payments
- Payoff debt
- Make home improvements
- Pay for college and other expenses
More than 25.5 million veterans and service personnel are eligible to receive the benefits of a VA-backed mortgage. The federal government recently improved the VA Loan program, making it even more attractive. Now, you may be eligible for a VA mortgage refinance even if your current mortgage isn't backed by the VA.
Interest rates, especially for VA loans, have never been lower. Even if you have been turned down for a conventional loan, you may still qualify for a VA mortgage refinance. We urge you to contact one of our VA mortgage refinance consultants today to take advantage of this fantastic opportunity.
Why a VA Mortgage Refinance?
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase or refinance of a home which must be for their own personal occupancy. If the loan is approved, the VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain more favorable financing terms than are generally available from a conventional mortgage.
The VA Home Loan Program offers a variety of money saving benefits over conventional loans. The VA also offers you added protections by regulating the closing fees and costs a VA lender is able to charge veterans, and limits those charges to only legitimate and necessary costs and expenses.
VA loans do not require a down payment or mortgage insurance. VA mortgage refinance loans have easier qualification standards, and credit and income requirements are not as strict as they are with a conventional refinance. And unlike many conventional mortgages, VA loans do not come with prepayment penalties. Finally, VA loans generally offer lower interest rates than conventional mortgages.
VA Mortgage Refinance Options
The VA offers two attractive refinance options:
- Interest Rate Reduction Refinance Loan (IRRRL) or Streamline Refinance - A program for current VA mortgage holders. A Streamline Refinance allows homeowners to reduce or lower their interest rates with no out of pocket expenses and very little documentation.
- Cash-Out Refinance - A program for veterans who want to cash-out on the equity they have built up in their home. The cash-out proceeds can be used for any purpose, including consolidating debt, funding home improvements or paying for college.
If you are military veteran, and you are interested in refinancing into a more affordable VA loan, we urge you to contact us today to discuss the options available to you.