The VA Loan company recently ranked by veteran home buyers as the highest recommended VA Loan sponsor servicing the mortgage lending industry in the country. The VA loan company recently obtained data from a social study over a group of veterans and active-duty military personnel who were previously accustomed to living on base and/or overseas in the barracks.
VA streamline refinancing loan can be
used when you already have a VA home loan financed with your current home. The
only reason you would choose to refinance would be to achieve a lower interest
rate using a "VA Interest Rate Reduction Loan (IRRL)". The VA IRRL
enables lower interest rates on a current VA home loan and it can be achieved
with no out-of-pocket closing costs to the homeowner - which is great!
The
Benefits of a VA Streamline Refinance - Interest Rate Reduction Loan (IRRL)
- No appraisal required.
- No income or credit background check to qualify.
- No monthly mortgage insurance.
- Only .5% funding fee on all interest reductions.
- No out-of-pocket costs.
VA
Loan Refinance Option #2 – “Cash-Out” or Debt Consolidation Refinance:
If there is equity in the current VA
loan financed with the home needing to be refinanced, the VA benefits give
eligible veterans the option to refinance the VA home loan currently financed
on the home - and then to receive a “cash out” payment that is up to 90% of the
home’s equity value. The money left over from the home's appraised and
calculated value can then be used for anything like:
- Paying off credit card debts,
- Remodeling home improvements, or
- Save money for retirement.
The
Benefits of a “Cash-Out” or Debt Consolidation Refinance:
- You can take cash out up to 90% of your home
- Monthly mortgage insurance is not required
- No out-of-pocket closing costs
VA
Loan Refinance Option #3 - Conventional to VA Refinance Loan:
The Conventional to VA Refinance option
requires a funding fee, which the government charges to insure a VA Home Loan
with the lender. The fee is 2.2% for veterans who are first-time users for this
type of loan. The good thing about the Funding Fee is that it can be financed
into the cost of the loan.
The
Benefits of a Conventional to VA Refinance Loan:
- No monthly mortgage insurance
- The new interest rate may be lower - AND if the veteran has less than perfect credit, they may be able to get the same low interest rates available to those with great credit.
- The "cash-out" option can be taken, adding up to 90% with a VA refinance
- No out-of-pocket closing costs
Without a doubt, Security America
Mortgage, Inc. continue to grow as VA Loan experts with their knowledge and
persistence in leading the driving force behind financial security and freedom
for all military affiliates. For
veterans and active-duty military service members who are looking to save a
significant amount of money on their mortgage loan by lowering the monthly
payments, using a VA loan refinance option is the first step to take in order
to accomplish their home mortgage debt freedom.
Reducing the rate is one of the many VA loan advantages that optimize VA
loan benefits.
See which VA Loan Refinance option
BEST FITS your home mortgage refinancing needs and contact a VA Loan Specialist with Security America Mortgage, Inc. Now!
Security America Mortgage, Inc.
Find out if you Qualify Now!
Security America Mortgage, Inc. - Houston
tel:8449202523
Be the first to visit the two New Houston launched VA Loan websites!
ReplyDelete1. http://vahoustonloan.com/
2. http://www.valendinghouston.com/houston-va-loans
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