Va Mortgage Refinance

Veterans can take advantage of their special status and privileges earned by their service to the country with low guaranteed VA loans rates and streamlined VA mortgage refinance service. Under these benefits, veterans do not have to pay any closing costs for their refinanced mortgage. With most VA loans, there is a large amount of documentation that must be submitted. Veterans must provide income documentation, current appraisals, and other items that slow down the loan process.

With a streamlined VA refinance mortgage, veterans can benefit from a speedy process to get their new refinance loan. There is no closing cost; a small funding fee of 0 to 3.5% will be absorbed into the mortgage. This is a significant savings for veterans over regular closing costs for refinanced mortgages that would total about 3% of the loan amount.

There are some other benefits for VA mortgage refinance service to veterans. Vets can borrow up to 90% of the value of their home and get it as a cash-out refinance. This is good, because veterans cannot use their VA benefits to obtain a home equity line of credit (HELOC) to obtain cash from their equity as a revolving credit line. Another option for veterans seeking large amounts of cash is that they are allowed to take out a regular home equity loan for 100% of their home’s current value.

The only few restrictions on the type of loans veterans can get under the VA loan program or streamlined VA mortgage refinance service would be not being able to get the HELOC loans or interest-only loans, and being unable to get cash back when they take out a new mortgage. VA loans are available from many local financial institutions and mortgage companies.

Another benefit to VA loans is that they are also available to certain surviving spouses who have not remarried or who are no longer remarried. The VA website contains all the details about VA loan requirements and restrictions, and there is opportunity to ask questions there. The best benefit for VA loan qualified veterans and surviving spouses is a low interest rate. Right now rates are at a 4.25% level; with points, the APR (annual percentage rate) is still a low 4.54%.

Low rates, government guaranteed backing, and special benefits for veterans and surviving spouses make streamlined VA mortgage refinance service a must-see for any possibly qualified persons to investigate. The loans are all at fixed interest rates, which is another big advantage over adjustable rates that can fluctuate with the economy. Today is exactly the right day to examine these veteran’s mortgage and refinance service benefits. Rates are about as low as they ever can go. It is a benefit well earned by service to the country. Veterans can get into their own home under the best mortgage or refinancing plans ever created.

Realtors may not want to go this route because of the extra time it takes to get all the paperwork processed, and that puts closing time out in the future a bit. Veterans should find a realtor who wants their business with pleasure and work with that realtor to get the best deal available.