How can a VA Home Loan Refinance Help Me?
by: AccessNational
Total views: 77
Word Count: 634
Want to use your eligibility as a veteran to get yourself into a better home situation? A VA home loan refinance might be a good program for you, saving you money and giving you all of the benefits of a first VA home mortgage.
Are you eligible for a VA Refinance?
Here’s how you qualify for a VA home loan refinance. You must meet the
following criteria in order to get access to the programs:
•Have good credit worthiness, a good credit score and an ability to pay the loan through good income.
• You must have a Certificate of Eligibility, which can be obtained
through the VA or with the help of an approved VA lender using the ACE
system.
A VA refinance
allows you to take advantage of the benefits you earned as a member of
the military. You can use the VA loan program to convert your existing
loan into better terms and protections.
Explaining a VA Home Loan Refinance
Having a VA refinance works very similar to any other type of refinance
program. But through the VA home loan refinance, you are able to take
your existing loan and transform it into a loan with more benefits.
The way a VA refinance works is you get a new loan to pay off your
existing mortgage. The VA refinance program requires that you take the
new mortgage for the new VA mortgage for the same home and that the
home serve as your primary residence. VA loans are only given for home
residences.
A VA home loan refinance is a cash out refinance, even if you are only
seeking a better term or refinance rate, because there is access to
more cash if you need it. That’s why you should look at your other
debts and bills to decide whether or not you should use your equity to
get more money through the VA home loan refinance process.
With a VA refinance you can finance up to 90 percent of your home’s
value, as well as financing the closing costs. You can also convert the
loan with little or no money down, and take cash out for other
obligations, as long as your home holds onto its equity.
However, not all states allow VA home loan refinances due to local
lending laws. But the advantages are so good that you should look into
the programs to see if they are available to you.
Your advantages under a VA refinance
The VA loan program and VA home loan refinance programs are of great
benefit for veterans in a variety of ways. Here is why you may want to
get a VA refinance. You can:
•Obtain cash access while getting the security of an insured loan
•Refinance with no money down and reduced monthly payments
• Get reduced interest rates and terms
• Save a lot of money on closing costs and fees, which are limited under VA refinance and VA home loan programs
• Get better loan to value ratios, because the VA refinance guarantees up to a quarter of the loan, which looks good to lenders
These types of VA Refinance and VA Home Loan Programs, including those that Access National Mortgage
offers, have been created in order to benefit the nation’s veterans who
have done so much during their service in the armed forces, so they can
have a good home. If you currently have a typical home loan and are a
qualified veteran, you should look into these VA loan programs which
have been made for you.
About the Author
This article is provided by Access National Mortgage, based in Denver
Colorado. Access National Mortgage provides progressive and superior
financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator,
debt consolidation loans, information about California FHA refinance
benefits and whole host of other mortgage products all across the
United States.
Rating: Not yet rated
Login to vote