VA refinance allows veterans to take advantage of special offers to reduce their home mortgage payments, take out cash on the equity of their homes, and/or save interest on the life of the loan. Our government believes that veterans and military personnel deserve better-than-average home mortgage deals, so they insure mortgages through the Veterans Administration, which lets the lenders offer excellent mortgage programs. Any veteran of military service should look into the special veterans' offers. Many lenders who work to assist veterans understand the Biblical nature of helping these men and women find financial security. "Withhold not good from them to whom it is due, when it is in the power of thine hand to do it" (Proverbs 3:27).
Whether one currently has a conventional mortgage or a government mortgage, they can take advantage of these borrower-specified offers. One of the best offers is called a streamline mortgage. This is usually a hassle-free interest rate reduction program. The VA streamline refinance rates are currently still low enough that most veterans will benefit. This particular program is popular because of not needing to pay any out-of-pocket fees. Any costs associated with the VA refinance can be rolled into the loan. Also, appraisals, income documentation, and job verification are typically not required, cutting down significantly on the time it takes to close on the new mortgage.
Another option is the cash-out plan. If a home has sufficient equity, this option can be used to take out cash for any purpose, including debt reduction, vacations, home improvements, and savings. Speak to a specialist in veterans' assistance at one of the mortgage lenders who specialize in veterans financing to determine how much can be qualified for and what the specific terms of such a loan might be. For someone currently holding a conventional mortgage, converting to a VA refinance loan may be very beneficial. One of the appealing aspects of this plan is that the borrower is not be required to pay mortgage insurance each month. This can save considerably on monthly payments. A funding fee is charged for these mortgages but, as with the other options, the funding fee and any other closing costs can be rolled into the loan.
Researching veteran's financing programs is easier than ever because most mortgage lenders are available online. Contact a refinancing specialist for a free estimate, to have questions answered, and to apply for a new mortgage. Since the paperwork for most VA refinance programs is minimal, the closing process is typically much shorter than with conventional mortgages. As with any major financial decision, be sure to fully understand all of the terms and the obligations that being agreed to before signing on the dotted line.
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