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VA Loan Refinance options in Miami Fort Lauderdale Florida

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VA Loan Refinance options in Miami Fort Lauderdale Florida

Which VA Refinancing Loans Require Occupancy?

VA Loan Refinance options in Miami Fort Lauderdale Florida

VA Loan Refinance options in Miami Fort Lauderdale Florida

If you have an existing VA home loan, you already know about the VA occupancy requirement for these loans. But some homeowners are confused about VA occupancy rules especially when it’s time to refinance options in Miami Fort Lauderdale Florida the mortgage (conventional or VA) with a VA refinance options in Miami Fort Lauderdale Florida loan. VA Loan Refinance options in Miami Fort Lauderdale Florida

You may have heard about one type of home loan refinancing that requires occupancy under the VA program. But it’s not safe to assume that the features of one type of VA refinance options in Miami Fort Lauderdale Florida loan are the same as another. There are VA refinancing options that allow borrowers to refinance options in Miami Fort Lauderdale Florida a conventional mortgage to a VA loan, or an FHA loan to a VA loan.

In these cases, occupancy is always required the same as with a new purchase home loan. A veteran is required to live in the property he or she buys with a VA guaranteed mortgage loan. VA Loan Refinance options in Miami Fort Lauderdale Florida

It must be for the borrower’s personal occupancy, although a spouse (or in some cases the dependent children of the veteran) may fulfill the occupancy requirement on the borrower’s behalf.

When it comes to VA refinancing, if you get cash back on the deal or refinance options in Miami Fort Lauderdale Florida from a non-VA loan to a VA mortgage, occupancy is a requirement. VA Loan Refinance options in Miami Fort Lauderdale Florida VA Loan Refinance options in Miami Fort Lauderdale Florida

The one type of option that does not require occupancy, the VA Streamline Refinance options in Miami Fort Lauderdale Florida loan, requires the borrower to certify the home was previously the primary residence. If you want to refinance options in Miami Fort Lauderdale Florida with the VA Streamline Refinancing or VA Interest Rate Reduction Refinancing Loan, you should know occupancy is not required once the home has been refinance options in Miami Fort Lauderdale Florida d and the loan is closed.

The VA Streamline loan requires the borrower to get a tangible benefit from the new loan such as lower monthly payments or a better interest rate. In the case of adjustable rate mortgages being refinanced options in Miami Fort Lauderdale Florida, the tangible benefit would be moving into a fixed interest rate even if that rate is higher than the one currently being paid on the mortgage.

The added benefit of a Streamline Refinance options in Miami Fort Lauderdale Florida loan is that you no longer have to maintain the residence as your personal home. You would be permitted to rent out the property to others once you have refinance options in Miami Fort Lauderdale Florida d with this type of VA loan.

Investigating your VA refinance options in Miami Fort Lauderdale Florida options may help you reduce your current mortgage interest rate so you can start saving more money every month.

VA Streamline Refinance options in Miami Fort Lauderdale Florida: IRRRL

One option to explore is the Veterans Administration’s Interest Rate Reduction Refinance options in Miami Fort Lauderdale Florida Loan program, or IRRRL – also known as a “VA to VA refinance options in Miami Fort Lauderdale Florida” or a VA streamline refinance options in Miami Fort Lauderdale Florida loan.

If you bought your home when interest rates were higher, the VA refinance options in Miami Fort Lauderdale Florida Streamline loan could mean significant savings in your monthly mortgage payment with reduced documentation and no appraisal. VA Loan Refinance options in Miami Fort Lauderdale Florida

Click here to discover the advantages of a VA to VA refinance options in Miami Fort Lauderdale Florida.

VA Energy Efficient Mortgage: EEM Home Improvements

Are you ready to go “green” and take advantage of an energy efficient mortgage?

With VA’s Energy Efficient Mortgage program, you can add the cost of installing solar heating and air conditioning systems, insulation and other forms of weatherization home improvements to your VA refinance options in Miami Fort Lauderdale Florida loan. Or – if you qualify – you can take cash out of your loan up to 90% of your home’s value.

VA Cash Out Refinance options in Miami Fort Lauderdale Florida Loans

VA Loan Refinance options in Miami Fort Lauderdale Florida

VA Loan Refinance options in Miami Fort Lauderdale Florida

Are you interested in refinancing your VA loan to take advantage of current mortgage refinance options in Miami Fort Lauderdale Florida rates?

VA home loans aren’t just for new home purchases. Eligible, qualified borrowers can also use VA refinance options in Miami Fort Lauderdale Florida loans for their current mortgage – even if the original mortgage wasn’t secured through VA. We can help you refinance options in Miami Fort Lauderdale Florida up to 100% of your home’s value.

Don’t let this opportunity pass you by. Get in touch with the team at VA Loans and we’ll happily give you the information you need to start refinancing your loan.

Preparing for the VA Refinance options in Miami Fort Lauderdale Florida Process

Refinancing a VA mortgage is a simple process, and can often be completed in a little as two weeks. Here’s what to expect:

Paperwork– In order to move the process of VA Mortgage refinancing along, it is important to have sufficient documentation ready for your loan officers. This can include such items as your 2 years of W2’s or tax returns, income statements, among others. While it is not necessary to have all documents prepared at the beginning of the process, it can reduce the amount of time it takes you to receive your loan if you are prepared beforehand with the necessary paperwork. VA Loan Refinance options in Miami Fort Lauderdale Florida

Underwriting and Closing– Once all necessary information has been acquired, a loan underwriter will review all available documents to ensure your eligibility for refinancing a VA mortgage. Once you have been approved for the loan, the time of closing will be arranged with your title company. VA Loan Refinance options in Miami Fort Lauderdale Florida

VA Loan Refinance options in Miami Fort Lauderdale Florida Options

The VA refinance options in Miami Fort Lauderdale Florida loan program offers a great deal more flexibility than conventional refinance options in Miami Fort Lauderdale Florida loan programs. Because of this, VA-eligible borrowers have a lot more options and a lot fewer restrictions when it comes to the VA loan refinance options in Miami Fort Lauderdale Florida. VA refinance options in Miami Fort Lauderdale Florida loans can help reach many different goals, including getting a lower monthly payment, consolidating other non-mortgage debt like credit cards, making improvements to your home, or even to pay off your home more quickly. There is specific VA home loan refinance options in Miami Fort Lauderdale Florida options that are optimized for each of these situations. The two most popular options for veterans is the VA IRRRL and the VA cash out refinance options in Miami Fort Lauderdale Florida.

VA Streamline Refinance options in Miami Fort Lauderdale Florida Loan (VA IRRRL)

The VA Streamline Refinance options in Miami Fort Lauderdale Florida also known as the VA IRRRL, cuts out most of the underwriting normally associated with a VA refinance options in Miami Fort Lauderdale Florida, making this a much faster and more convenient option if your goal is to reduce your interest rate, monthly payment, or loan term.

The VA Streamline Refinance options in Miami Fort Lauderdale Florida loan (officially called the Interest Rate Reduction Refinancing Loan, or IRRRL) is the simplest and most popular VA refinance loan option.

Though it does not offer a cash-out option or debt consolidation, the VA streamline allows veterans that already have VA loans to refinance options in Miami Fort Lauderdale Florida in a quick and easy way, with lower interest rates and better terms than they currently have. The primary attraction of the streamline refinance options in Miami Fort Lauderdale Florida option is that a streamline refinance options in Miami Fort Lauderdale Florida can take most of the underwriting from the existing loan. Here at Low VA Rates we specialize in these loans and feel we are the best VA streamline refinance options in Miami Fort Lauderdale Florida lenders on the planet.

Some benefits of the VA Streamline Refinance options in Miami Fort Lauderdale Florida loan are:

  • No appraisal requirement*
  • Reduced credit score standards
  • No disclosure of income or assets
  • No out of pocket closing costs
  • Up to $6000 available for Energy Efficient home improvements
  • Opportunity to defer two months’ mortgage payments
  • Cash refund of available escrow balance

The idea behind most mortgage refinance options in Miami Fort Lauderdale Florida loans, including most VA Interest Rate Reduction Refinance options in Miami Fort Lauderdale Florida Loans (IRRRL), is to take advantage of lower interest rates. Interest rates change relatively frequently, and the VA interest rates are no exception, so it is often in the borrower’s best interest to keep an eye on VA streamline refinance options in Miami Fort Lauderdale Florida rates. When the interest rates are lower than when he/she bought their home, it’s often a good idea to use the streamline refinance options in Miami Fort Lauderdale Florida option to refinance options in Miami Fort Lauderdale Florida the home. There are restrictions to who can use the IRRRL and under what circumstances. In order to be able to use the VA IRRRL, one of the followings must be the case:

The streamline VA refinance options in Miami Fort Lauderdale Florida results in a lower interest rate; the new loan has a lower interest rate than the old one. The VA will not allow a refinance options in Miami Fort Lauderdale Florida that result in a higher interest rate. VA Loan Refinance options in Miami Fort Lauderdale Florida

The only exception to the above is if the veteran is refinancing a VA Hybrid ARM loan to a fixed rate loan. When this is the situation, it is perfectly acceptable for the fixed interest rate to be higher than the current rate on the Hybrid ARM.

There are other, more general requirements for an IRRRL, that are not specific enough to go into detail here, but they include things such as net benefit to the borrower, the value of the home, FICO scores, etc.

To summarize the above, an IRRRL cannot take place unless the borrower is noticeably benefitted by the refinance options in Miami Fort Lauderdale Florida. This stipulation is a very important part of the VA loan program and is something that those of us at va loans are passionate about. We focus on the true intent of the VA streamline program and nothing matters to the VA except whether the veteran is getting true benefit out of the refinance options in Miami Fort Lauderdale Florida. Because of this, you can rest assured that if you qualify for a streamline refinance options in Miami Fort Lauderdale Florida, it will bring you a significant amount of benefit. VA Loan Refinance options in Miami Fort Lauderdale Florida

If you’ve purchased your home with a VA loan, you’ll likely remember how many hoops you had to jump through to do so, and probably are not very eager to do it again. The streamline refinance options in Miami Fort Lauderdale Florida option is so named because it exists to make the refinancing process as quick and painless as possible. It’s not unusual for an experienced VA lender to be able to get the refinance options in Miami Fort Lauderdale Florida done from start to finish in under a month. A streamline refinance options in Miami Fort Lauderdale Florida offers far fewer headaches and issues to be dealt with than a typical refinance options in Miami Fort Lauderdale Florida. In addition, the VA Funding Fee and all of the VA closing costs on a streamline refinance options in Miami Fort Lauderdale Florida are greatly reduced.

So, if you are a veteran home owner, apply now for a VA Streamline Refinance options in Miami Fort Lauderdale Florida and see if you can get a lower interest rate and better terms on your mortgage. Many veterans have saved more than $100 per month just by refinancing, and some upwards of $300 per month. Many who save on their monthly payment also end up being able to pay their home off faster and save lots of money.

* Based on the information we are receiving from lenders; appraisals may indeed be required on VA loans in the very near future.  Therefore, the window of opportunity to refinance options in Miami Fort Lauderdale Florida without an appraisal may be closing quickly

VA Home Improvement Loan

If you own a home, you have a certain amount of equity in it, depending on how far along you are on your mortgage. The VA Home Improvement Loan is a refinance options in Miami Fort Lauderdale Florida option that allows you to get cash up to the amount of equity you have to improve your home and make it more valuable. This can be a great option whether you’re planning on living in the home for the foreseeable future or planning on selling it soon. VA Loan Refinance options in Miami Fort Lauderdale Florida

Most homes aren’t perfect, and as your family grows, it’s likely that even if your home was perfect before, it might start to be less than what you need. It could be that you’re looking to put in another bathroom, a spare bedroom, or build a patio. Perhaps you’re interested in saving more money in the long run by making your home more energy efficient. The VA home improvement loan allows you to access up to 100% of your home’s value to cover improvement projects. VA Loan Refinance options in Miami Fort Lauderdale Florida

VA home improvement loans have specific requirements. On any VA home improvement loan, several factors will be taken into account to determine your eligibility. These factors are intended to achieve several purposes: determine how large of a loan you could be approved for, and your ability to pay off the loan over time. VA Loan Refinance options in Miami Fort Lauderdale Florida

Appraised Value

Getting a home improvement loan is likely to directly affect the value of your home because of the improvements you use the loan for. As such, an official VA appraisal needs to be conducted on the property before the loan can be approved. The initial appraisal is also very important because the VA limit on the size of your home improvement loan is up to 100% of the value of your home. In order to know the value of the home, an official VA appraisal must take place on the property. Work with one of our VA loan specialists to estimate the value of your home before the appraisal and discuss the most beneficial VA home improvement loan option. VA Loan Refinance options in Miami Fort Lauderdale Florida

Income & Employment

Much like a new purchase loan, the home improvement loan requires verification of your income and employment. Since a home improvement loan can potentially be as large as the mortgage on your home, making absolutely sure that you’ll be able to afford the additional monthly payment is one of the lender’s highest priorities – and it should be one of yours too. The following will need to be provided to the lender:

  • Two most recent month’s’ pay stubs for all borrowers
  • Two most recent year’s W2 forms (or tax returns) for all borrowers
  • Two-year employment history and employer information including dates of employment, addresses, phone numbers & contact person
  • Proof of outside sources of income including rental property income, personal investments, settlements, child support, etc. VA Loan Refinance options in Miami Fort Lauderdale Florida

Assets & Liabilities

When working towards getting approved for a VA home improvement loan, the veteran will need to disclose all of their assets and debts (liabilities) to give the lender an accurate picture of how well the veteran could afford a refinance options in Miami Fort Lauderdale Florida. Assets are different from income and can give the lender a good view of how financially savvy the borrower is as well as what the borrower’s net worth is. Expect to be asked for these documents:

  • Two most recent month’s’ statements from all your accounts including checking, savings, investment, and retirement accounts (IRA, 401k, 403b, Pension). VA Loan Refinance options in Miami Fort Lauderdale Florida
  • A credit report speaks to credit worthiness and helps a loan underwriter determine a veteran’s monthly debt obligations. VA Loan Refinance options in Miami Fort Lauderdale Florida

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Contact us: (888) 352-9005

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