VA Refinance Options
If you've served in the military and own a home, a VA refinance may allow you to pull cash out or obtain a lower interest rate and monthly mortgage payment.What you need to know about VA refinance options
VA mortgages are one of the most attractive home financing options out there, giving those who qualify incredible benefits (including $0 down for home purchases). Veterans and service members can refinance their home with one of these two types of VA refinance options:Interest Rate Reduction Refinance Loan (IRRRL)
The VA IRRRL, also called the streamline refinance, can allow qualifying homeowners to refinance up to the balance owed on the home, plus allowable expenses. This often results in a lower interest rate and monthly mortgage payment. The IRRRL process requires minimal documentation.VA Cash-Out Refinance
The VA cash-out refinance option can provide access to the equity in your home. Homeowners can pull out cash from the accumulated home equity to pay for things like home improvement projects, pay off student loan or medical debts, or even take that dream vacation.Obtain a lower interest rate and monthly mortgage payment
Benefit from a streamline mortgage process
The VA requires no extensive credit checks or appraisals
Take advantage of your home equity and take cash out
Have refinance questions? We can help.
The first step in securing a loan is to complete an initial loan application. The initial application interview is the key to the loan process going smoothly and closing on time. After you have signed and returned the Intent to Proceed disclosure, your loan officer will obtain all pertinent documentation from you, so as to avoid unnecessary problems and delays. Additional documentation is often required as your lender moves forward in the process. The extent of additional documentation will be determined largely by your past history and credit record. During the application process, the lender will order a credit report from a credit reporting agency and a professional appraisal of the property you want to purchase.
If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate less than your current one, refinancing is smart if you do not pay more in fees than you will save in the time you will live in the house.
The qualification requirements for a refinance can vary depending on what mortgage you have. Generally, your name must be on the title of the home for a minimum length of time and your credit score must fall within the required guidelines.
If you have questions about whether you can benefit from a refinance, speaking with a local Loan Officer is a great place to start.
If you have questions about whether you can benefit from a refinance, speaking with a local Loan Officer is a great place to start.
Homeowners rarely need to make a down payment when they refinance their home loan. However, there are still closing costs involved in refinancing that may require you to bring some cash to the closing table. Connecting with a local Loan Officer to discuss your specific situation and goals is a great place to start.
As a homeowner, you may qualify for several benefits that can yield substantial savings when you refinance your home. Refinancing may allow you to tap into some of your home's value, helping you to make the most of your finances.
- Update the duration of your mortgage
- Lower your monthly mortgage payments
- Switch from an adjustable-rate mortgage to a fixed-rate mortgage
- Combine your first and second mortgage into one loan with one payment
- Eliminate private mortgage insurance
- Obtain investment property capital
- Fund a retirement account
- Establish a college fund for your children
- Remodel or renovate your home