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VA refinance
Know more why VA refinance can be the best option for you. Let our mortgage experts help you with this type of refinance.
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VA Home Loan Refinance
The Veterans Affairs’ (VA) Loan Program was introduced in 1994 Congress. It was aimed to help the faithful military men and women find a home that would suit their needs. This VA loan repayment option is for military service members, to help them gather savings on debt payments from new arrangements when rates in the market change and shift substantially. It depends on your goal, but you can also opt for either a cash-out refinance or an IRRRL.
The Refinancing Options
In applying for a refinance option, you have two options available for your use. And here at All Things Mortgage, we detail your options, so you can choose what’s best for you.
Interest rate reduction refinance loan (IRRRL)IRRL
The IRRRL is also referred to as the VA streamline refinance. It lets you refinance your current loan, so you can lower your interest rate. A decrease in interest rate means less monthly payments, resulting in you saving up money to pay for the mortgage.
VA Cash Out Refinance
The VA cash-out refinance is an option you can take if you want to take cash out. It’s highly recommended if you’re low on cash, or are in need of extra money to pay off debt and some purchases. With this, you can refinance your loans for up to 100% of your house value.
Is a VA refinance right for you?
Let our mortgage expert help you determine whether it is the right time to consider an VA refinance and help you get the best option.
Do you qualify for a VA refinance?VA Refinance Qualifications
Getting a qualification for a VA refinance is simpler than other alternatives — both for traditional VA mortgage application processes, and refinance options.
Qualifications:
- YYou must have served as a reservist or a veteran. Or you’re an active Military service member or a National Guard.
- Living spouses of veterans, those who are suffering from service-related disabilities, or died during military service.
- Reservists and National Guard members must have at least 6 years of service. And if they are still on duty, they can be eligible after 90 days during times of war, or 181 days of peacetime service.
- Must have a VA loan to qualify for the VA refinance. Certificate of eligibility is not a requirement.
How to Apply
The application starts by visiting either an existing lender or a new one. If you took out a VA loan before, your chosen lender should be able to confirm your eligibility to start the refinancing process.
A different type of mortgage is fine. To help you, All Things Mortgage will look at all these changes and aid you in getting started.
When is the best time to take a VA Refinance?
Your timing is an essential factor, if you’re after taking advantage of a VA refinance program. If you’re wondering which option would be best for your needs, All Things Mortgage is here to help you that. We understand the efficiency of availing a home loan, and our goal is to give you the best experience by assisting you with whatever you need.
Every homebuyer and owner is unique, and are in differing situations. We guarantee the help we’ll provide you; from making reasonable decisions to calculating the right amount of cash needed so you won’t strain your allocated budget.
Requirements for a VA RefinanceVA Refinance Requirements
To be suitable for the VA refinance, the following requirements are essential.
Loan
Limit
Veterans Affairs do not have a loan limit, but private lenders will cap your loan limit to reduce the risk of default.
Down
Payment
Zero down payment is a common practice for a VA loan which makes it popular among service members.
Interest
Rates
The aim of the VA refinance is to allow you to pay lower rates than what you were previously offered.
Fees and
costs
You will only submit a one-time fee which is 1.25% of your loan amount, to ensure this program continues to be available for future VA borrowers.
Occupancy of
the Home
Your house must be your primary residence. However, opting for IRRRL option, you will need to show that you stayed in the house when you originally took out the VA loan.
Cash Out
Option
Borrow against your home equity if you need some cash now for expenses but this approach does not apply to IRRRL.
Other VA Refinance Qualifications
In applying for a qualification for a VA refinance, you need to consider the following requirements.
Loan
Limit
VA doesn’t have a loan limit. However, private lenders will put a boundary on the loan limit to minimize the risk of defaults.
Down
Payment
A common practice for a VA loan that makes it so popular and efficient? It’s the zero down payment feature.
Interest
Rates
VA refinance is aimed at letting you pay lower rates than what was previously offered to you.
Fees and
costs
A one-time fee — 1.25% of your total loan is required to ensure that the program will continue.
Occupancy of
the Home
The house you loaned must be your primary residence. But for IRRRL options, you need to present proof that you have stayed in the house.
Cash Out
Option
You can borrow against the home equity if you require cash immediately for some expenses. This approach doesn’t apply to IRRRL, though.
Do you think it is the best time for a VA refinance?
Contact us Today
Contact us today, and we’ll aid you in acquiring more information regarding VA refinance options, so you can start saving money immediately. Let’s find the best VA refinance deals together.
