VA Refinance Home Loan Programs
Are you paying too much for your mortgage? In a time of economic difficulty, now is the best time to consider refinancing with VA Home Refinance. If you already have a VA Home Loan, do think of these benefits of refinancing: monthly payments are much lower, thus saving more on your mortgage, no extra out-of-pocket expenses and most of all, the process is hassle-free.
You can take advantage of two VA Refinancing options: the Streamline Home Loan Refinance and ‘Cash Out’ Refinance.
The VA Streamline Refinancing option is an incredible loan refinance program that was recently introduced by the VA as a way to keep Veterans in better mortgages. It is available to those who already have a current VA Mortgage Loan. Streamline Refinance Mortgages are used primarily by Veteran homeowners who want to get out of their current Adjustable Rate Mortgage (ARM) or Variable Mortgage that will soon be adjusting to a higher rate, or by a Veteran homeowner who sees an opportunity to lower his/her current fixed rate mortgage to a new rate and lower his/her monthly payments. The benefits of Streamline Refinancing make it a great option. Some of these benefits are:
- No appraisal needed
- No income or employment verification
- No asset verification
- No consideration given to your credit score
- No out-of-pocket costs
- The possibility of skipping two mortgage payments
- The opportunity to get cash refund of any escrow balance with your current lender
- The opportunity to get up to $500 cash at closing
Cash out Refinance, on the other hand, is a VA Refinance transaction that involves repayment of your current real estate debt from the proceeds of your new VA Mortgage on the same property. You can receive cash out up to 90% of your home’s value. The benefits of a Cash Out Refinance are no out-of-pocket closing costs and no monthly mortgage insurance requirements. People often use this refinancing option when they are looking to renovate their homes. Cash Out Refinancing is a great option for those who plan on making new improvements in their current home.
