REFINANCING FOR VETERANS

Veterans America™ is passionate about doing right by Veterans. We believe this is done through expert care, low rates, and lenient credit requirements; and, along the refinancing journey, we want the process to be as clear and straightforward as possible. If you need help getting started, our Veterans refinance experts are happy to assist you.

Through refinancing your home or condominium, you can receive a lower interest rate on your mortgage loan. A significantly lower interest rate can help save you up to thousands, giving you a strong opportunity to remodel your home, invest, or save towards your retirement, children’s future, etc. At Veterans America™, it is our goal to achieve a lower interest rate for you through veterans benefits!

Refinancing Options for Veterans

Types of Refinancing

IRRRL Streamline

Interest Rate Reduction Refinance Loan is a tool used to reduce a current interest rate, lowering the monthly payment on the loan or converting it from an adjustable rate to a fixed rate. This refinancing option is straightforward, involving reduced funding fee and streamlined paperwork that doesn’t involve the hassle of renewing a Certificate of Eligibility (COE).

Cash-out Refinance

There are two types of Cash-Refinance loans offered to Veterans. A Type 2 cash-out is a direct replacement of the mortgage that is currently in place. A conventional loan or VA loan is offered to replace the mortgage and then extracts cash from the home equity to cover other expenses such as credit cards or medical bills. This differs from a home equity loan in that it stands alone and doesn’t run alongside the current loan. A Type 1 Cash-out refinance is similar but does not require the user to extract cash from the home equity. The idea behind this option is to simply take advantage of the lower rates offered.

Reasons and Benefits

Refinancing is a simple solution to helping your mortgage loan payments. It is important to know when you are in a circumstance where refinancing would be beneficial. A couple of examples of this are:

You have a high interest rate and are looking to lower your monthly payment.

A determining factor for your interest rate is when you purchased your home. You may have done this while rates were high. Refinancing could lock you into a fixed, lower interest rate.

You need to add or remove a co-borrower.

Financial burdens are often offloaded by either adding another contributor to an existing mortgage or making the mortgage owned by an individual proprietor. Refinancing could resolve this issue.

You understand the importance of building equity and refinancing to a 15 year loan will help you do that.

In a financially feasible situation, building equity on your home at a faster rate could benefit much greater in the long term and allow freedoms otherwise inconceivable. Refinancing from a 30 year adjustable mortgage rate (AMR) to a 15 year FMR will allow you to build equity faster.

You have a large expense that needs to be paid.

Exploring cash-out refinancing options will extract cash from your equity and make it available for other purchases or expenses. This could be beneficial depending on your circumstance.

You want to get away from paying mortgage insurance.

PMI is included in conventional mortgage and is a weary expense. Refinancing options available to benefits can replace your mortgage and exclude PMI, especially as a veteran.

You want a beneficial refinancing option, but don’t want the complexity.

IRRRL is streamlined and keeps it simple.

You want a fixed mortgage rate.

Having a fixed mortgage litigates the unpredictable rising and falling market. Having a fixed mortgage makes planning for the future more stable. Our team at Veterans America™ is ready to walk you through the refinancing process.