Take two minutes to complete the information above under “contact us” and a Veterans Affairs Loan Specialist will review and contact you to go over your how much you can save each month with a Refinance. If you currently own a home, you may be able to refinance your home using your Veterans Affairs Mortgage eligibility to improve your interest rate and payments. Refinancing using your Veterans Affairs benefit is possible in each of the three different loan scenarios listed below.
If you currently have a Veterans Affairs Mortgage and would like to lower your interest rate, the Streamline Refinance is an excellent option. This is known as an Interest Rate Reduction Refinance Loan (IRRRL).
There are no out of pocket costs and minimal additional documentation as required by the lender. The primary requirement is the current mortgage must have been paid on time for the past 12 months with payments current at the time of refinancing.
If your current mortgage is a conventional, FHA or other program, you may be eligible to refinance to a lower rate and payment using your benefits. Veteran mortgage rates are very competitive, do not have mortgage insurance and may be able to give you a lower rate and payment than your current mortgage.
If you currently have a mortgage, and you have built up equity and/or your home has appreciated, you may be able to refinance using Veteran benefits and take cash out for things such as home improvements or debt reduction.
VA cash out refinance mortgages are allowed for up to 90% of the appraised value of the home (except in states where prohibited). You can use the cash for anything you want including improvements to your home, reducing debt or paying off a car or boat.
I just want to take this opportunity to express my appreciation for all the countless phone calls and hours of hard work that was required by my VA Loan Specialist in closing my loan application. Her patience and persistence in my unusual case was exemplary. She maintained a professional, yet lighthearted rapport with me and my various setbacks. She promised me two things which made me decide to use her as my loan officer (my Realtor said “I can’t believe you trusted someone from the Internet!”) She said “I guarantee the interest rate and I promise to close on time!” She was believable and I’m so glad I trusted her as I firmly believe no one else would have been so dedicated in seeing my loan become successful and close as it did!
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VALoanCenter.net is an independent website and is not associated with the Department of Veterans Affairs or any government agency. The content provided on this site is intended for general informational purposes only and is offered as free advice, which is believed to be reliable. This information does not constitute an offer or solicitation for any mortgage product or financial instrument. The terms, conditions, information, and materials on this website are subject to change without notice. Availability of products and services may vary by location and may not be offered in all states.
