A home loan for the veteran under the VA program can be refinanced. This only means that you have the opportunity to lower the interest rate and make the circumstance favourable to you. There are many reasons why you have to consider refinancing your loan such as a lower interest rate, paying off existing debt, consolidating home equity loan debt, get cash for other needs, and so on.
Who are eligible for veterans home loan refinancing? What are the eligibility requirements? When it comes to refinancing, the certificate of eligibility is no longer required. In fact, the home appraisal is no longer needed. The credit underwriting is not necessary at all. You cannot take cash out from the equity of the program. You have the option to roll the cost of refinancing into the new loan. As with the interest rate, it varies from one lender to another. If you wish to refinance your loan, then you should contact several lenders and find out their rates so that you get to know which lender offers the most favourable rate.
Purchase and cash-out refinance loan
A certificate of eligibility that indicates your date of service is needed if it is your first VA guaranteed a loan. However, some lenders do not allow cash-out of equity for refinancing VA loans, but the good news is that lenders may allow up to 100% of the total value of your home. With the cash-out program, you can combine your first and second mortgage into one loan. The VA cash out loans does not require down payment. There is no insurance premium, but there will be a corresponding funding fee. Lastly, there is no pre-payment penalty.
Who are eligible?
- Active military
- Surviving spouse
If you are a veteran, an active military, or a surviving spouse, then you can apply for a veteran home loan refinancing. Freedom Mortgage is one of the most trusted names in the industry. It has been a VA approved lender for 25 years and can best assist you with the ins and outs of the VA loans. The company started as a small lender in 1990 and throughout the years it has established its reputation and credibility. Today, Freedom Mortgage is a full-service lender with excellent customer service and exceptionally streamlined process.
If you are thinking of refinancing your VA loan, then you should give Freedom Mortgage a call. The company received an A+ rating from Better Business Bureau. This provides you with a guarantee that the company is not just competent but highly reputable too. Throughout the years in the business, the company has helped a lot of people in making their American dream of owning a home come true. Whatever your circumstance is, whether you are experiencing financial difficulties or just looking for a loan with a better interest rate, you should give Freedom Mortgage a call. The company has a team of expert who will help and guide you through the process of a home mortgage.