VA Loan Refinance Rates Today Miami Fort Lauderdale Florida
VA Loan Refinance Rates Today in Miami Fort Lauderdale Florida. A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.
The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.
VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.
The maximum VA loan guarantee varies by county. As of 1 January 2012, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified “high-cost counties”.
VA Loan Refinance Rates Today
VA Refinance is when you replace your home loan for a new loan, since that way you can obtain a lower interest rate, decrease your monthly payments or shorten the term of your loans by a streamline refinance or VA-to-VA Loan.
So if you bought a home in Miami Fort Lauderdale Florida through the VA home loan and you are having trouble making your house VA loan’s payments on time or you require additional cash now, for a real need. Perhaps you need to pay your offspring college tuition, or maybe it’s time to remodel your house and make improvements that will increase your home value for a future sale. Or maybe you just want to take advantage of lower interest rates today saving more of your hard-earned money in your own pocket by a refinance.
For veterans this kind of VA mortgage is known as the interest rate reduction VA refinancing loan (IRRRL). The IRRRL have become a great help for VA liens struggling to refinance with conventional loans, for their low mortgage rates today and flexible underwriting standards. In most cases, a lender with expertise in VA loans should be able to complete the loan in a few months.
If you want to refinance your VA loan, 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 today. In order to qualify for a VA Loan, a veteran must have served 181 days during peacetime, 90 days during war time, or 6 years in the Reserves or National Guard. You may also qualify as the spouse of a service member who was killed in the line of duty.
The veteran population of Miami Fort Lauderdale Florida is roughly 1.5 million, ranking it with California and Texas as the states with the highest concentration of veterans. The increasing population in Miami Fort Lauderdale Florida of veterans is due to the military bases which are being built in Miami Fort Lauderdale Florida. Right now there are over 20 military installations in the state of Miami Fort Lauderdale Florida. This makes Miami Fort Lauderdale Florida a good state to obtain lower VA interest rates today for veterans.
Bordered by the Gulf of Mexico and the Atlantic Ocean, Miami Fort Lauderdale Florida is the 4th most populous state in the country. With 237 sunny days a year, tropical weather, and pristine beaches, residents often say, “Miami Fort Lauderdale Florida has it all.” For many people, living in Miami Fort Lauderdale Florida is like being on vacation every day. In addition to the stunning natural beauty of Miami Fort Lauderdale Florida, there are also several major metropolitan areas, including Jacksonville, Miami, Orlando and Tampa.
Miami Fort Lauderdale Florida
Real estate prices in Miami Fort Lauderdale Florida have always varied dramatically throughout the state including VA loan rates today. Many affordable areas, outside the major cities, fall below the national median home value of $173,200, such as Cape Coral-Fort Meyers ($87,600), Gainesville ($167,600), and Jacksonville ($145,900). In the cities such as Miami, high rise condos worth several hundred thousand dollars dominate much of the skyline, and million dollar luxury homes line private beaches.
Miami Fort Lauderdale Florida follows “lien theory” practices, which means that the real estate in question acts as the collateral for the loan. The borrower holds title to the property, but the mortgage document places a lien against the home in question.
In Miami Fort Lauderdale Florida when a VA mortgage has not been paid on time, the VA lenders must take the borrower to court, and receive a final judgment of foreclosure from a judge. This allows the property to be sold at auction and the VA lender to be paid back from the proceeds of the sale. This process begins by the VA lender’s filing a lis pendens, which puts a cloud on the title. Then, the homeowner must be personally serve with the foreclosure notice, or if that is not possible, a public notice must be made. The property will then be sold at a public auction and the proceeds used to pay the debt owed to the lender.
In the state of Miami Fort Lauderdale Florida, a VA borrower who has lost their home to foreclosure has the right of redemption if they are able to pay the full amount of money owed, along with any extra fees and taxes, before the court records the certificate of sale, which is given to the successful bidder at the auction. Due to Miami Fort Lauderdale Florida’s long time frame for completing the foreclosure process, the VA borrower can have a year or more to stop the foreclosure by paying off the debt owed.
Miami Fort Lauderdale Florida does allow for deficiency judgments because the VA lenders have recourse if their loans are not paid back in full. If the home sells at auction for less than the amount the borrower owes, then the lender can sue for the remaining amount. The laws for foreclosure in Miami Fort Lauderdale Florida are very close to being changed to a state that allows non-judiciary foreclosures. This will drastically reduce the costs associated with this process for the banks and lending institutions, and shorten the timeframe it takes a person to lose their home from as much as a couple years to only 3 months.
To avoid foreclosure, lower your VA interest rate through a refinance process it’s a smart way. But first you need to know that mortgage rates today for a VA refinance loan depends on the lender and the market, due to VA don’t lend the money, they only established the rules and guaranteed the mortgage loan. That’s why veterans who want a VA refinance loan have to shop around for the best interest rates today in Miami Fort Lauderdale Florida.
VA Mortgage rates today fluctuate daily, but rates today overall are around historic lows. It’s a good time to be in the market if you’re thinking about refinancing your home. The most favorable VA rates today typically go to those with excellent credit. That makes it crucial to sure to shop around for the best mortgage rates today. According to Bankrate’s Rate Trend Index, 17% of panelists think mortgage rates today will increase over the next week or so, while 50% think rates today will fall and 33% think rates today will remain the same.
VA Loan Refinance Rates Today Miami Fort Lauderdale Florida
You can use a VA mortgage calculator to estimate your monthly payments and see how the VA mortgages rates today affect your monthly payments and also see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the VA loan.
You’ll have to get organized if you want to find the lowest VA mortgage rates today in the Miami Fort Lauderdale Florida State. With so many VA mortgage options available out there, the process of comparing them can be tedious. Your first step should be to decide what type of cost savings is most important to you: Do you want the lowest possible payment? The best VA interest rate?, Low overall VA interest expenses?
Thorough comparison shopping is a key to finding the best VA rates today for your VA mortgage refinance. Once you know the different options available in Miami Fort Lauderdale Florida, you can start reviewing VA rates today and gathering lender quotes. Use a lender’s advertised rate as a guideline, but don’t get too excited about it; these are reserved for borrowers with strong credit histories. You can also review Miami Fort Lauderdale Florida rates today by credit quality and VA loan type on the web if you’re uncertain as for how your credit will affect your VA rate.
The process of finding the best VA mortgage rates today in Miami Fort Lauderdale Florida can be summarized into four steps:
- Contact lenders and brokers to request quotes. VA Loan Refinance Rates today
- Browse Miami Fort Lauderdale Florida lenders and brokers. VA Loan Refinance Rates today
- Calculate VA mortgage payments and amortization tables for different refinance types. VA Loan Refinance Rates today
- Lastly, remember to compare your VA mortgage loan quotes on an equivalent basis. For example, some rates today might be quoted with points, while others might be quoted without them. VA Loan Refinance Rates today
Two Ways of VA Refinance
The VA loan program offers you two ways of refinance program; the first one is The Interest Rate Reduction Refinancing Loan, or IRRRL, which is a kind of VA refinancing mortgage for veterans with conventional loans. If you want to refinance through this program, first you need to have a VA loan. 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 a refinance program 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 streamlined program, you also will pay a lower funding fee than you would pay under other VA loan options. You must not accept any cash.
The second way to get a 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 with no set period of time that you have owned. To qualify for a Cash-Out refinance you must have sufficient equity. VA Loan Refinance Rates Today
When to get a VA Refinance?
VA Miami Fort Lauderdale Florida Liens, who are considering a VA Loan refinance program, 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 today 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. VA Loan Refinance Rates Today
VA Refinance Closing Cost?
There are some expenses that the VA applicants have to pay. These VA expenses are known like VA closing costs, which represent the actual cost of doing a VA loan, and they can come in different forms. A loan closing costs can be added 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 and up to 2 discount points. Keep in mind that the types of fees and their amounts vary greatly by geographic location in Miami Fort Lauderdale Florida.
- VA loan refinances offers to the applicants more flexible underwriting standards.
- VA applicants don’t have to pay non-allowable closing cost like lender document fees, recording fee above $17, notary fees, Transaction Coordinator fees, broker fees, etc. That you would have to pay with other loans.
- Lower interest rates today than other VA loans and standard loans. Providing to the applicant’s additional cash flow each month.
- VA Applicants have the ability to change the terms of their loan, switching from an adjustable rate to a fixed-rate, or a 30 year to a 15-year loan in order to pay off their VA mortgage sooner.
- With the Cash-Out VA refinance, applicants can get cash out from the equity in their home to help pay other obligations.
- Additionally, VA applicants wanting to refinance from a different loan program into the VA Loan can do this through the Cash-Out refinance program.
If you are in Miami or Fort Lauderdale, Florida, Call us for a free consultation about VA Loan Refinance Rates Today.