REFINANCING with a VA Loan
Refinancing your existing VA Loan is most often used to lower your current interest rate. If VA interest rates have dropped since you last financed your home, you may want to consider refinancing.
Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan, or to
take cash out. A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Just imagine what you could do with an extra $100, $300 or more each and every month if you refinance your va mortgage?
You might decide to apply the savings toward your balance and build equity faster. Or maybe you just might want to put the money in your savings account or portfolio and watch it GROW! The best thing is. you're in control . You decide what is best for your family!
In order to refinance your existing home, or to simply help you decide if refinancing makes sense, just call or click. A quick application tells us what we need to know, and let's us "run the numbers", and tell you your va refinance options from your loan va lender.
A standard VA refinance is used primarily to refinance a NON VA Loan INTO a VA Loan. If you currently have a home loan and want to refinance into a VA loan, this is the loan for you.
It will require an application, appraisal, and a verification of your income and assets, as well as most of the same paperwork required when you originally financed your home. Adequate property insurance and new title insurance is necessary.
The cash out VA loan option will also allow you to take additional cash out on your home with a VA loan up 100% of today's appraised value. This is a another cool VA benefit, and conventional loans as of December 2014 only allow you to take cash out to 80% of the homes value, and FHA loans only allow up to 85% cash out.
A VA streamline refinance, also known as a a VA IRRRL refinance, allows you to refinance an EXISTING VA loan. As the name implies, the loan process is streamlined, with reduced documentation requirements. The streamline refinance also generally does NOT require an appraisal.
To Refinance You'll Need: