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.