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Is It Time to Refinance Your VA Loan Mortgage

Now is the right time for military veterans and service members to consider a VA Refinance loan. Right now, interest rates on VA loans are at the lowest point we’ve seen in quite a while. Visit site: http://www.locatefreequotes.net/va-refinance-loan/

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Is It Time to Refinance Your VA Loan Mortgage

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  1. Is It Time to Refinance Your VA Loan Mortgage? Now is the right time for military veterans and service members to consider a VA Refinance loan. Right now, interest rates on VA loans are at the lowest point we’ve seen in quite a while. If you’re an active service member or veteran, a VA refinance loan may be just what you need to save money, pay off some old debt, or upgrade your home inside and out. Find out what you need to know about loan guarantees, when it’s time for you to get a VA refinance, what types of loans the VA has for refinancing and the benefits that VA loans offer to service members and their families. VA Home Loan Guaranty The VA is not a lender, but a provider of home loan guarantees. Where VA mortgage loans are offered by private lenders, mortgage companies, and banks, the VA guarantees a specified portion of your loan. The VA loan guaranty makes it easier for you to qualify and helps lenders to make home loans available to military service members.

  2. Consider a VA Refinance if you: Want a lower rate and payment on existing VA mortgage Need to tap home equity for home improvements or upgrades, college expenses, or to consolidate a 2nd mortgage, home equity loans and other debts Have an adjustable rate mortgage and want a fixed rate and payment Have a non-VA mortgage loan but qualify under VA guidelines VA Streamline Refinance (Interest Rate Reduction Refinance Loan, IRRRL) IRRRL or streamline refinance is the simplest way to lower your current interest rate and monthly mortgage payment. It’s called streamline because no credit check is required, little out-of-pocket costs and the time from qualification to closing is relatively short because you don’t need an appraisal or certificate of eligibility, COE. VA Cash-Out Refinance With a VA Cash-Out Refinance loan, you can get cash in hand based on the equity in your home. Or, you can refinance any FHA, USDA or conventional mortgage into a new VA loan. You’ll still need a COE, appraisal and standard credit check and underwriting. But with the current lower rates on VA loans, now is a great time to switch to a VA loan. 7 Benefits of VA Refinance Loans 1. Borrow up to 100% of your home’s value. 2. Funding fees are included in your loan. 3. Mortgage insurance is not required. 4. National Guard members, reservists, veterans and active duty military personnel all qualify.

  3. 5. Spouses of military persons with service-related disabilities can apply. 6. Surviving spouses of service members who died while on active duty also qualify. 7. Both fixed and adjustable rate mortgages are available. Apply for a VA refinance loan today Work with a VA mortgage originator who will locate the best lender for you and help you through the qualification and closing process. If you need a VA Streamline Refinance, your originator will get you prequalified and help determine the value and equity in your home. If you need a VA Cash-Out Refinance, your originator can help you obtain your COE and prepare you for the appraisal, credit and underwriting process. Work with a VA mortgage originator who will locate the best lender for you and help you through the qualification and closing process. Contact a local mortgage originator who specializes in VA loans today.

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