VA refinance allows veterans to take advantage of special offers to reduce their home mortgage payments, take out cash on the equity of their homes, and/or save interest on the life of the loan. Our government believes that veterans and military personnel deserve better-than-average home mortgage deals, so they insure VA mortgages, which lets the lenders offer excellent mortgage programs. If you are a veteran, you should look into the special VA refinance offers.
Whether you currently have a conventional mortgage or a VA mortgage, you can take advantage of special VA refinance offers. One of the best offers is called a VA streamline refinance mortgage. This is usually a hassle-free interest rate reduction program. The VA streamline refinance rates are currently still low enough that most veterans will benefit. This particular program is popular because you do not need to pay any out-of-pocket fees. Any costs associated with the VA refinance can be rolled into the loan. Also, appraisals, income documentation, and job verification is typically not required, cutting down significantly on the time it takes to close on the new mortgage.
Another VA refinance option is the cash-out plan. If your home has sufficient equity, you can use this option to take out cash for any purpose, including debt reduction, vacations, home improvements, and savings. Speak to a VA refinance specialist at one of the VA mortgage lenders to determine how much you qualify for and what the specific terms of such a loan might be. If you currently have a conventional mortgage, you may benefit by converting to a VA refinance loan. One of the appealing aspects of this plan is that you will not be required to pay mortgage insurance each month. This can save you considerably on your monthly payments. A funding fee is charged for these mortgages but, as with the other VA refinance options, the funding fee and any other closing costs can be rolled into the loan.
Researching VA refinance programs is easier than ever because most mortgage lenders are available online. Contact a refinancing specialist for a free estimate, to have your questions answered, and to apply for your new mortgage. Since the paperwork for most VA refinance programs is minimal, the closing process is typically much shorter than with conventional mortgages. As you would with any major financial decision, be sure you fully understand all of the terms and the obligations that you are agreeing to before you sign on the dotted line.