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WHAT IS A VA LOAN REFINANCE?
If you are a veteran and you finally achieve your dream to buy a house for you and your family, thanks to the VA home loan program, but now you’re having some problems to make your loan payments on time, or perhaps you notice that your neighbors have a better interest rate than you , or you will like to reduce your monthly payments. So today is your lucky day because VA offers you a great program call VA LOAN REFINANCE, which is a loan that replace your house loan for a new loan, with the purpose to take advantage of lower interest rates, so you can save more of your hard-earned money in your own pocket, or shorten the term of your loans. So now it may be the time for you to consider the many options available for refinancing your VA Home Loan. VA Loan Refinance
REFINANCING THROUGH A VA IRRRL
The interest rate reduction refinancing loan or IRRRL, is a kind of refinancing mortgage for veterans that has
become in a great help for VA liens struggling to refinance with conventional loans, for their low mortgage rates and flexible underwriting standards.
If you want to refinance through this program, first you need to have a VA loan, which are loans that belong to a special loan program designed specifically for veterans and it can be issued by any VA approved lender and are guaranteed by the federal government. The VA loan’s main attractive is that veterans with qualifying credit and income can purchase a home with no money down, which makes buying a home extremely attractive for those who have served in the military. VA loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates.
When you refinance your VA loan, your interest rate will be lower than your current VA loan rate, and for veterans is even better, because one of the biggest advantages of refinancing through this program is that the process requires minimum documentation. The VA does not require a credit check or appraisal for refinances(some lenders will still require these, as they have their own internal rules). VA home loan liens, can refinance up to 100% of the home’s value, and they don’t have to pay for mortgage insurance. Through this streamline program you also will pay a lower funding fee than you would pay under other VA loan options.
HOW TO QUALIFY FOR A VA IRRRL, OR STREMLINE PROGRAM?
- Have a VA loan, and be current on your mortgage with no more than one 30-day late payment, within the past year until the time of refinancing.
- Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment (The only time this condition does not apply, is if you refinance an ARM to a fixed rate mortgage).
- You must not receive any cash from the IRRRL.
- You must certify that you previously occupied the property.
- You must have previously used your VA Loan eligibility on the property you intend to refinance. (You may see this referred to as a VA to VA refinance).
- Usually, almost all active duty or honorably discharged service members are eligible for a VA purchase, or streamline refinance loan. VA Loan Refinance
Another way to VA refinance, is the Cash-Out refinance, which is an option for VA liens who have two mortgages and want to refinance them into one loan, with a lower rate. Unlike the IRRRL program, this Cash-Out refinance allows the borrower to pay off the first and second loans with the new loan, while also taking cash from the home’s value. Most lenders allow the VA liens to refinance up to 100 percent of the home’s value to pay off the old mortgages. Veterans generally choose to use the VA Cash-Out over other loan types because the period to pay off the loan is extended, and also, generally comes with a lower interest rate. Just like the VA Streamline Refinance loan, the home must be used as a principal dwelling by the owner.
HOW TO QUALIFY FOR A VA CASH-OUT REFINANCE?
To qualify for a Cash-Out refinance, you need to follow the same steps than for a IRRRL refinancing, but you must have sufficient equity and an existing VA home loan to qualify for the loan. There is no set period of time that you must have owned your home.
HOW TO PAY CLOSING COST?
A loan closing costs can be add into the cost of the loan, allowing veterans to refinance without expenses. Sometimes it is also possible for the lender to take the brunt of the cost in exchange for a higher interest rate on your loan. The loan may not exceed the sum of the balance on the existing VA loan, plus allowable fees and closing costs, including funding fee that is 0.5 percent of the total loan amount and can be added to the loan balance, and up to 2 discount points. You may also add up to $6,000 of energy efficiency improvements into the loan. VA Loan Refinance
WHEN TO REFINANCE?
VA Liens, who are considering a VA Loan refinancing, should understand that synchronization is the most important when you are refinancing a mortgage. In most cases it wouldn’t make sense to refinance a mortgage, if you don’t plan on staying in that home for the near-future, just like it wouldn’t make sense to refinance at a time when interest rates are too higher. Your goal should be to achieve a lower interest rate that cuts monthly payments, significantly ,decreasing the amount of interest paid over the life of the mortgage.
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