Refinancing into a VA Loan
Lower your interest rate and payments with a VA Refinance
* Total finance charges may be higher over the life of the loan
VA Refinance – 2 Great Options
Do you have a conventional loan, but wish to take advantage of the benefits of the veteran’s program by refinancing to a VA loan? If you meet the VA eligibility requirements, you’re wise to consider such a plan.
Here are two options available to you.
Cash Out Refinance
A cash out VA refinance allows you to refinance your mortgage and gain access to the equity in your home. Use that equity for debt consolidation, to make home improvements, or however else you wish.
How does it work?
By taking out a VA loan for more than you currently owe, you pay off your current mortgage and gain access to the equity you have built. If you purchased the residence more than one year prior to the refinance, you can refinance up to 100% of the appraisal value with the new VA loan.
You can avoid out of pocket closing costs
There is no mortgage insurance with a VA refinance
NO Cash Out Refinance
The benefit of a VA Refinance with no cash out is that it allows you to refinance into a lower, fixed rate VA loan with lower monthly payments than a conventional loan, and the added benefit of no monthly mortgage insurance. With this type of VA refinance, you can refinance up to 100% of the appraisal value, and avoid out of pocket closing costs.
Benefits of a Refinancing into a VA Loan
There are many great reasons to consider refinancing into a VA home loan versus a conventional loan.
Firstly, credit score itself does not generally dictate acceptance. Rather, a borrower who demonstrates a willingness to repay credit obligations and has been making satisfactory credit payments for twelve months since their last period of financial difficulty is generally considered a good candidate for a VA refinance.
Additional VA Refinance benefits include:
NO down payment
NO monthly mortgage insurance
NO prepayment penalty
Fixed interest rate – payments will not increase
We can negotiate with a seller to pay most or all closing costs
Great rates, easier qualification
Get Started Now!
If you are a US veteran or active duty military personnel looking to refinance, let us help you get the best rate possible. Our VA refinance experts have extensive experience and streamline the process to make it faster, easier, and hassle free. Apply Today!
Why are VA Loan Rates Better?
VA loans are government insured, which means they offer greater protection to lenders in the event a borrower defaults. This added security enables qualified VA lenders such as CREFCO to offer significantly better rates compared to conventional loans.
(By refinancing your home loan, the finance charges you pay may be higher over the life of the loan.)