should i refinance my va home loan
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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://www.valoansforvets.com/\n\nVA Loans for Vets\n7702 E. Doubletree Ranch Road, Suite 220\nScottsdale, AZ 85258\nPhone: (480) 351-5904\nEmail: [email protected] - PowerPoint PPT PresentationTRANSCRIPT
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SHOULD I REFINANCE MY VA HOME LOAN?
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Home loans for veterans under the VA program can be refinanced.
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If you have a home loan under the VA program, you can enjoy the lower interest rates that are now available.
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Refinancing can be an effective tool to manage your household finances.
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WHY REFINANCE?
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First, you should always consider the effect of closing costs on your decision to refinance and whether extending your mortgage to a longer period will help you in the long run.
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Common reasons individuals refinance are:
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Lower interest rates - The lower rate can help you to save money on your loan over the long term.
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Consolidating home equity loan debt - If you have a home equity loan, in addition to a mortgage loan, you can combine the two into a single, lower payment.
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Paying off credit card debt - You can cash out equity in your home to pay off credit cards and lower your monthly household expenses.
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Get cash for other needs - You may wish to invest in some income property that can help your overall financial goals.
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Perhaps, a family emergency requires some cash. A refinance loan can help provide money for these needs.
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INTEREST RATE REDUCTION REFINANCE LOAN
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The Interest Rate Reduction Refinance Loan provides an easy way to refinance for those who hold a VA guaranteed loan on their homes.
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However, requirements for eligibility are slightly different for the IRRRL program:
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The Certificate of Eligibility that is required when first applying for a VA loan is not required for refinancing under the IRRRL program.
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Only the first mortgage on your loan can be covered under the program. The holders of a second mortgage must agree to subordinate their loan so that the refinance can be the first mortgage.
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Occupancy requirements for the property are different under the IRRL program. You must have occupied the property in the past, but do not have to occupy it in the future.
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IMPORTANT FACTS TO REMEMBER ABOUT THEIRRRL PROGRAM
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Homeowners who have a VA loan and wish to refinance should be aware of a number of facts about the IRRRL program:
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No appraisal of the home is required.
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No credit underwriting is required.
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You cannot take cash out from your equity under this program. When converting from a VA ARM loan to a fixed-rate loan, the interest may be higher.
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The homeowner may roll the costs of refinancing into the new loan. Interest rates may vary from lender to lender.
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Those interested in the program should contact several lenders to compare interest rates.
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Not all lenders offer the IRRRL program. However. Any lender that provides VA home loans is eligible to provide refinancing under IRRL.
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PURCHASE AND CASH-OUT REFINANCE LOAN
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Homeowners who wish to take money out of the equity in their homes must use the Purchase and Cash-Out Refinance Loan Program to do so.
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If this is your first VA guaranteed loan, you will have to provide a Certificate of Eligibility indicating your dates of service.
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Some lenders may not permit cash-out of equity for refinancing these loans. Lenders who do permit cash-out from equity may allow up to 100 percent of the home's value.
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The cash-out program can be used to combine a first and second mortgage under one loan.
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Jimmy Vercellino is a VA Loan Specialist who helps veterans obtain the loans they are entitled to.
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He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 orvisit the site:
www.valoansforvets.com
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Jimmy VercellinoVA Home Loan Specialist7702 E. Doubletree Ranch Road, Suite 220Scottsdale AZ 85258Phone: 480-351-5904