Because of all that they do for us, veterans get special consideration when it comes to getting mortgages for homes. Likewise, there are also special programs for veteran to refinance their VA home loans with special rates and considerations. If you are a veteran, you can get a special VA home loan refinance through a streamlining process through the Veteran s Administration. If you want to refinance your VA home loan, looking into the streamlined process may be a good idea.
Reducing Your Interest Rate
If you are doing a straight refinance, and you want a lower interest rate, this is what the streamlined VA refinance home loan is designed for. There are special considerations that make it a very easy choice when you are ready to refinance your VA home loan:
1. Such loans have no maximum loan amount
2. You can avoid paying mortgage insurance premiums
3. A streamlined VA refinance home loan does not require an appraisal
4. Verification of your assets, as well as your income, is skipped in this loan process
5. There are no costs that you have to pay up front
6. A small funding fee of .5% is all that is charged to you as a closing cost
Because you do not have to jump through the same hoops as other people do when it comes to a VA home loan refinance, you can feel confident that you are saving thousands of dollars in the long run by taking advantage of the special streamlined process the VA offers to veterans who want to refinance their VA home loans.
Other VA Home Loan Refinance Options
If you want to do more than simply lower your interest rate, you can do so by getting a cash-out VA refinance, or a debt consolidation loan. However, getting this loan is not as easy as taking advantage of a straight, interest rate reduction home loan refinance. The amount of equity in your home will have to be determined. Additionally, you should realize that you can only borrow up to 90% of your home s value. You can use a cash-out loan for things like home improvements or a well deserved vacation.
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