Looking to refinance? If you are a qualified veteran who is eligible for a VA home loan, you could look into a VA home loan refinance for your existing home loan. The loan offered by VA refinance programs can help you save money and tap into the advantages of a first VA home mortgage.
Eligibility for VA Refinance
You need to be a qualified veteran to get a VA home loan refinance. The criteria a veteran needs to be in order to qualify are:
•Obtaining a Certificate of Eligibility through the VA or through an approve lender using the VA’s ACE system
• Good credit worthiness with a good credit score
• Income that will allow you to pay the loan
If you are looking to turn your standard mortgage into a VA loan program, a VA refinance is the best way to do it. You will be able to get all of the good terms and protections of the VA loan program, which you earned through your service in the armed forces.
Explaining a VA Home Loan Refinance
Having a VA refinance works very similar to any other type of refinance program. But through the VA home loan refinance, you are able to take your existing loan and transform it a loan with more benefits.
The way a VA refinance works is you get a new loan to pay off your existing mortgage. The VA refinance program requires that you take the new mortgage for the new VA mortgage for the same home and that the home serve as your primary residence. VA loans are only given for home residences.
A VA home loan refinance is a cash out refinance, even if you are only seeking a better term or refinance rate, because there is access to more cash if you need it. That’s why you should look at your other debts and bills to decide whether or not you should use your equity to get more money through the VA home loan refinance process.
With a VA refinance you can finance up to 90 percent of your home’s value, as well as financing the closing costs. You can also convert the loan with little or no money down, and take cash out for other obligations, as long as your home holds onto its equity.
However, not all states allow VA home loan refinances due to local lending laws. But the advantages are so good that you should look into the programs to see if they are available to you.
VA Refinance advantages
There are many benefits through VA loan programs and VA home loan refinance. Here are some the advantages offered to qualified veterans through this program:
• No-money down refinance
• Reduced monthly payments, rates and/or terms
• Access to cash while getting into a secured and insured VA refinance loan
• Save money on closing costs and fees, because the VA refinance limits fees and charges, when you use the VA home loan refinance program
• Improved loan to value ratios, since the VA refinance guarantees up to a quarter of your loan
The benefits given through these programs, including those offered by Access National Mortgage, are given to veterans who have earned them through their diligent service to our country. Veterans should get every advantage from these programs. For those not already using one, the VA home loan refinance
offers an opportunity to get into these programs.
By : AccessNational
