Mortgage Refinancing can help in so much ways. It can lower your monthly payment, cash out for repairs/improvements and other benefits such as reducing your loan's terms from 30 years to 15 years.
If you refinance to VA Loans, you get added benefits. VA Loans don't need to require a mortgage insurance over 80% loan-to-value, carry no pre-payment penalty, and also, you can assume your VA Loan to another VA-eligible buyer if you decide to sell your home.
Best of all, you can refinance your Non-VA Loan to a VA one. Here are more info on Refinancing Your Current Mortgage Into A VA Home Loan.
The Department of Veteran Affairs guarranteed over 20 million mortgages since the inception of its Loan Guaranty Program. Last year, more than half f those mortgages came from refinancing. If you're thinking about Refinancing Your Current Mortgage Into A VA Home Loan, here's an overview of what you need to know.
VA Loan Eligibility Standards
VA Loans covers a wide array of eligiblity standards. Active-duty servicepersons, veterans, National Guard members, Reservists, and surviving spouses of deceased veterans are eligible for the VA Loan. Discharged and retired servicepersons are eligible as well. It just usually requires a minimum length of service.
Certificate of Eligibility
Refinancing into a VA Loan requires a certificate of eligibility. Be sure to connect with your VA-certified mortgage lender with regards to this.
Closing Costs
All closings must require a closing cost such as title search, recording fees, and underwriting costs. All these can be added to your loan amount. Moreover, VA Loan's costs can be added to the loan size so you can bring no cash to closing.
VA Refinance Loan Products
There are a lot of refinance loan available for VA. The 2 most popular are the VA Cash-Out Refinance and the VA Interest Rate Reduction Loan.
With the former, homeowners can increase their loan size and get cash at closing. This cash can be used in a lot of ways such as paying off debts, school fees, college tuition, and anything you want or need.
With the latter, homeowners can lower their interest rate or switch from an adjustable to a fixed mrtgage rate. Appraisals and credit verifications are usually not needed. It does not allow cash outs though.
More info on: TheMortgageReports.com
If you think you are eligible in Refinancing Your Current Mortgage Into A VA Home Loan, be sure to call our office or email us with the info below or visit our website to find out our VA Loan Options.
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