VA Refinance Information from VA Mortgage Guide
Interest rates have been scaled back dramatically by The Fed which has forced VA refinancing rate to all-time record lows. However, many analysts have predicted rates can only go one direction from here…up! If you’ve been considering refinancing to a lower rate, the time now before it’s too late. The savings from a VA refinance can be thousands of dollars over the life of the loan
You can benefit from the VA streamline refinance process, which is much faster and easier to qualify for than a typical mortgage refinance. Because of the government guarantee on the loan you’re given reduced interest rates and costs as well.
VA Streamline Benefits Include:
- No out-of-pocket costs
- No appraisal required
- No income verification required to qualify
- No credit checks
- Lower your rate with only 0.5% funding fee!
As recently as 2008 Congress has improved Veteran benefits. This most recent legislation makes a cash-out VA refinance even easier. The new program allows you to cash out up to 90% of your loan to value. The cash from the refinance can be used to improve your home, pay off debts, or improve your family cash flow.
Types of VA Refinancing
If you’re looking to improve your mortgage situation it’s important to understand the options you have for a VA refinance. Depending on your needs you can choose the product best suited for you and begin saving money right away. Here is a summary of each VA loan program:
- VA Streamline Refinance – This is for those who currently have a VA Loan but would like to improve their current loan with a reduced interest rate, for example. This loan is also known as Interest Rate Reduction Refinancing or IRRR. This is by far the most popular VA refinance product because there are no out-of-pocket costs, appraisal, income verification, or credit checks. This is a great option for getting a better interest rate immediately and being able to skip 2 monthly payments!
- Cash Out Refinance – This product let’s you get up to 90% LTV as a cash out against your mortgage. As with all VA loans, there is no private mortgage insurance required since it’s backed by the government.
- Conventional to VA Refinance – This used to not be the case, but you can now refinance your existing conventional loan into a VA loan if you qualify. The benefits of this loan are the reduced interest rates and no private mortgage insurance premiums
How to Get Started
If you’re ready to get started, simply fill out our 1-minute quote request form