VA Refinance Loan
Do you have real need that requires additional cash now? Whether it be college tuition or home improvements to increase the value of your home, VA refinance loans will help you lower your payments and tap into your equity.
Perhaps you just want to take advantage of lower interest rates to keep your paycheck in pocket- time to consider refinancing your VA Home Loan.
VAMortgageGuide.com can help you find the cash you need. You might need money to consolidate high interest credit card debt or to buy a new car. No matter your requirement, VAMortgageGuide.com can find a solution through a VA refinance.
VA Cash Out Refinances
A VA refinance transaction is designed to refinance your home equity. This option, called a “cash out” refinance, involves repayment of your current real estate debt from the proceeds for your new VA mortgage that has the same borrower(s) using the same property.
Cash-Out refinances are applied for homes used as a principal residence by its owner. That owner can refinance for up to 90% of the appraised value (not available in Texas). Also all closing costs if the property can withstand the designated loan to value ratio. There is no minimum amount of time that you must own your home; still your home must have adequate equity to meet the requirements for the loan.
VA Streamline Refinance
The second option is called the streamline refinance. Made faster and with less documentation than a typical loan, this financing provides a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs.
Want to refinance your mortgage with no out-of-pocket expenses? No Cost Streamlines provide choices. One option is to let the lender pay the costs in replacement for a higher interest rate. Another option, that allows you to obtain market rates, is to roll the closing costs into the new loan.
A streamline refinance loan allows no assumptions. Also, the veteran cannot receive any cash back. VA does not require an appraisal, no credit report, no termite report, or any income or employment verifications. However the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
In addition, any other liens must be subordinated to the VA loan. Further, this loan can be done with “no out of pocket money” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
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