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VA mortgage Refinance Rates Miami Fort Lauderdale Florida

VA mortgage Refinance Rates Miami Fort Lauderdale Florida

VA mortgage Refinance Rates Miami Fort Lauderdale Florida

One of the most important, and confusing, decisions that people make is buying a home and taking out a Va mortgage to pay for the house. There are many factors that come into play for people looking to buy a house. Factors such as location, size of the house and the overall costs can play important roles in the decision-making process. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

But finding the house is only the first step in the process. The next step, finding a Va mortgage to pay for your home, is probably just as important. The decisions you make on your va mortgage will have financial ramifications for years to come. Having a 30-year va mortgage at a quarter percent less will result in thousands of dollars of savings. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

But the va mortgage industry can be very confusing for most people. With the terminology used in discussing va mortgages such as appraisals, equity, escrow, points and settlement costs, most common people can become easily confused. Va mortgage professionals can speak in a language all of their own and the lingo used is unique. To help take the confusion out of the Va mortgage process, we have come up with a listing of some of the more commonly used va mortgage terms, and definitions in plain language. We hope this list is helpful to those that are looking to become new homeowners:

Adjustable Rates Va mortgage – adjustable rates va mortgage, known as an ARM, is a va mortgage that has fixed rates of interest for only a set period of time, typically one, three or five years. During the initial period the interest rates are lower, and after that period it will adjust based on an index. The rates thereafter will adjust at set intervals. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Annual Percentage Rates – are the rates of interest that will be paid back to the va mortgage lender. The rates can either be fixed rates or adjustable rate. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Amortization – the amortization of the va loan is a schedule on how the va loan is intended to be repaid. For example, a typical amortization schedule for a 15-year va loan will include the amount borrowed, interest rates paid and term. The result will be a month breakdown of how much interest you pay and how much is paid on the amount borrowed. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Appraisal – is conducted by a professional appraiser who will look at a property and give an estimated value based on physical inspection and comparable houses that have been sold in recent times. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Bi-Weekly Va mortgage – this type of va mortgage has an impact on when a va loan is paid and how frequently. In a typical va mortgage, you make one monthly payment or twelve payments over the course of a year. With a Bi-Weekly payment, you are paying half of your normal payment every two weeks. This is the equivalent of thirteen regular payments, which in turn will reduce the amount of interest you pay and pay off the va loan earlier. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Closing Costs – these are the costs that the buyer must pay during the va mortgage process. There are many closing costs involved ranging from attorney fees, recording fees and other costs associated with the va mortgage closing. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Construction Va mortgage – when a person is having a home-built, they will typically have a construction va mortgage. With a construction va mortgage, the lender will advance money based on the construction schedule of the builder. When the home is finished, the va mortgage will convert into a permanent va mortgage. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

VA mortgage Refinance Rates Miami Fort Lauderdale Florida

VA mortgage Refinance Rates Miami Fort Lauderdale Florida

Debt-to-income Ratio – lenders look at a number of ratios and financial data to determine if the borrowers are able to repay the va loan. One such ratio is the debt-to-income ratio. In this calculation, the lender compares the monthly payments, including the new va mortgage, and compares it to monthly income. The income figure is divided into the expense figure, and the result is displayed as a percentage. The higher the percentage, the riskier va loan it is for the lender. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Down Payment – is the amount of the purchase price that the buyer is paying. Generally, lenders require a specific down payment in order to qualify for the va mortgage. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Equity – the difference between the value of the home and the va mortgage va loan is called equity. Over time, as the value of the home increases and the amount of the va loan decreases, the equity of the home generally, increases. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Escrow – at the closing of the va mortgage, the borrowers are generally required to set aside a percentage of the yearly taxes to be held by the lender. On a monthly basis, the lender will also collect additional money to be used to pay the taxes on the home. This escrow account is maintained by the lender who is responsible for sending the tax bills on a regular basis. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Fixed Rates Va mortgage – are va mortgage where the interest rates and the term of the va loan are negotiated and set for the life of the va loan. The terms of fixed rates va mortgages can range from 10 years to up to 40 years. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Good Faith Estimate – an estimate by the lender of the closing costs that are from the va mortgage. It is not an exact amount, however, it is a way for lenders to inform buyers of what is needed from them at the time of closing of the va loan. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Homeowner’s Insurance – prior to the va mortgage closing date, the homeowners must secure property insurance on the new home. The policy must list the lender as loss payee in the event of a fire or other event. This must be in place prior to the va loan going into effect. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Va loan-to-value Ratio – this is another typical financial calculation that is done is called the Va loan-to-Value (LTV) ratio. This calculation is done by dividing the amount of the va mortgage by the value of the home. Lenders will generally require the LTV ratio to be at least 80% in order to qualify for a va mortgage. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Va mortgage – is the va loan and supporting documentation for the purchase of a home. Va mortgage lenders generally follow strict underwriting guidelines to limit the possibility of borrowers defaulting on their payments. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Origination Fee – when applying for a va mortgage va loan, borrowers are often required to pay an origination fee to the lender. This fee may include an application fee, appraisal fee, fees for all the follow-up work and other costs associated with the va loan. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Points – are percentage points of the va loan amount. Often in order to get a lower interest rate, lenders will allow borrowers to “buy down” the rates by paying points. Paying a percentage point up front in order to get lower rates will eventually be a saving to borrowers in the long run if they stay in the house for the duration of the va loan. If they move shortly after buying the property then they will likely lose money buying points. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Principal – is the term used to describe the amount of money that is borrowed for the va mortgage. The principal amount that is owed will go down when borrowers make regular monthly or bi-weekly payments. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Private Va mortgage Insurance – When the va loan to value (LTV) is higher than 80% lenders will generally not be able to do the transaction. In these cases, the borrowers can get private va mortgage insurance (PMI) which is a guarantee to the lender that until the borrower reaches an 80% LTV, they are covered by default. To get this protection, borrowers pay a monthly PMI premium. One popular option to get around paying PMI is to take a second va mortgage and use it as a down payment on the first. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Settlement Costs – prior to closing, the attorneys involved in the va mortgage closing will meet to determine the final costs that are associated with the va loan. These settlement costs are given to all parties so that they will be prepared to pay the closing costs that have been agreed upon. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Title Insurance – the lender is using the home as collateral for the va mortgage transaction. Because of this, they need to be certain that the title of the property is clear of any liens which could jeopardize the Va mortgage. So, lenders will require borrowers to get title insurance on the property, which will ensure that the homes are free and clear. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Truth in Lending – is a federal mandate that all lenders must follow. There are several important parts to the Truth In Lending regulations including proper disclosure of rates, how to advertise va mortgage va loans and many other aspects of the lending process. These regulations were put in place to protect consumers from potential fraud. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

In a va mortgage made up of just principal and interest, the payment will remain the same over time, but the amount of the payment dedicated to each of the underlying components will change. Consider, for example, a $1,000 monthly mortgage payment. The initial years of a va mortgage payment consist primarily of interest payments, so the first payment might be $900 dollars in interest and $100 in principal. In later years, this equation reverses, because after each mortgage payment, a portion of the initial amount owed is reduced. Therefore, the majority of the monthly payment at this point in time goes towards principal repayments. Toward the end of the life of the mortgage, the $1,000 payment might consist of $900 in principal and $100 in interest. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Additional Direct Costs. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

The subcomponents of most, but not all, va mortgages also include real estate taxes and insurance. The property tax component is determined by taking the amount of taxes assessed on the property and dividing the number by the number of monthly payments. For most borrowers, that number will be 12, but there are some mortgage programs that offer bi-weekly payments to enable borrowers to pay off their loans more quickly. The lender collects the payments and holds them in escrow until the taxes are due to be paid. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

The insurance component will include property insurance, which protects the home and its contents from fire, theft and other disasters. There is another type of insurance that will need to be purchased if 80% or more of the home’s purchase price was financed through a mortgage. In this case, the insurance component of the monthly mortgage payment will also include an allocation for private mortgage insurance (PMI). While property insurance protects the homeowner against hazards, PMI protects the lender by minimizing the risk to the lender if the borrower defaults on the va mortgage. This safety net enables lenders to sell the loan to investors. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Refinancing. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

The VA Amortization schedule also plays a role when you refinance a mortgage. The rule of thumb is that an interest rate deduction of 1% or greater may be worth doing and that an interest rate deduction of 2% is almost always worth doing. The truth is, you won’t really know if refinancing is worth the money until you look at the new amortization schedule because the amount owed, the interest rate, and the length of time that you plan to own the home all play a role in determining whether refinancing is cost effective. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

Refinancing a va mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: The opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home’s equity in order to finance a large purchase; and the desire to consolidate debt. Some of these motivations have benefits and pitfalls. And because refinancing can cost between 3% and 6% of the loan’s principal and – like taking out the original mortgage – requires an appraisal, title search and application fees, it’s important for a homeowner to determine whether his or her reason for refinancing offers a true benefit. VA mortgage Refinance Rates Miami Fort Lauderdale Florida.

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