VA Home Loan Refinance
Experienced & Responsible VA Home Lending
As one of the nation’s top mortgage lenders, NASB is able to provide a variety of loan programs to suite your needs, including Conventional, VA, and FHA home loans. What does this mean for you? It means NASB can provide the tools and resources to help you get the best possible rates and lowest fees on your VA home loan refinance. Regardless of how familiar you are with VA and Streamlined refinancing, our friendly, knowledgeable mortgage professionals will be there for you every step of the way to make sure you have all the information needed to make the best decision for your family. This being just part of the superior customer service experience you can expect from NASB. Please read below for an overview of VA home loan refinancing and the different home loan refinancing options available to you.
Why Do People Refinance?
VA Refinancing allows qualified veterans or Active Duty Military Personnel to replace their existing VA mortgage terms with new mortgage terms that benefit them. The most common refinancing is done on a home mortgage. There are several reasons why a person might choose to refinance their mortgage; for example, taking advantage of a lower interest rate, or lowering a monthly payment or loan term. Sometimes refinancing is elected to alleviate risk. A homeowner may switch from an adjustable rate mortgage to a lower fixed rate mortgage that is not subject to potential rate increases, thereby reducing the risk of not being able to afford future payments. Refinancing may also free up extra cash that can be used for long term goals such as home improvements, education expenses or more immediate needs that may arise. The extra savings offered by a lower monthly payment is a great reason in and of itself to refinance.
Types of VA Refinancing
NASB offers several options available for refinancing your home loan under the federal VA lending program. If you qualify, you may refinance an existing VA loan or convert a Conventional loan to a VA loan. Conversion to a VA loan may provide considerable benefits such as reduced monthly payments. In addition, if your home has little to no equity, you may be able to eliminate monthly mortgage insurance payments.
Cash Out Refinance
A Cash-Out refinance can be used to free up extra cash needed to make home improvements, cover education expenses, or pay off other high interest loans. Essentially, you refinance your existing mortgage amount along with additional cash. The amount of additional cash you are able to borrow is based on the value of the home used to secure the new VA loan balance, along with other factors such as credit score, income, and existing debt. This VA refinancing option involves repaying current debt with the terms of the new VA home loan mortgage. With this VA cash out refinance, those eligible can receive up to 90% of the home’s current value. The benefits of this type of VA home loan refinancing include no out-of-pocket costs and no monthly mortgage insurance payments. In addition, the interest rate and payments on a VA mortgage loan are often lower than a comparable conventional mortgage option.
VA Streamline Refinance
Veterans and Active Duty Military Personnel who already have an existing VA home loan are eligible for VA Streamline Refinancing. The Department of Veterans Affairs (VA) implemented this program to help veterans and active duty personnel lower their interest rates and monthly payments with no out-of-pocket costs. The VA Streamline refinance home loan, also known as the Interest Rate Reduction Loans (IRRL), is one of the best options on the market. In addition to lowering interest rates and monthly payments, this type of VA home loan refinancing requires no appraisal, or income or credit checks, which consequently reduces the cost of the new loan. The loan process is quick and easy!
Conventional to VA Refinance
If you do not currently have a VA home loan but are now an eligible veteran who qualifies for one, you too may be able to lower your interest rate and save on your mortgage. Refinancing your current mortgage to a lower rate VA home mortgage, can not only lower your monthly payment and free up extra cash, but also eliminate expensive monthly mortgage insurance payments. Furthermore, you may be able to save thousands of dollars in interest payments by lowering the term of your loan.
VA Home Loan Mortgage Rates
The federal government has dropped interest rates over the last few years to stimulate home buying, and the hope of helping the economy. With these historically low mortgage rates, now is an excellent time to refinance your home loan with NASB. If your current VA home loan mortgage is an adjustable rate mortgage, now is the time to refinance your loan to a permanent, lower fixed rate. If your VA home loan mortgage is already a fixed rate, refinancing your loan may save you money by lowering your monthly payment and reducing the loan term.
As a strong, reputable nationwide lender, NASB will ensure that you get the best service and the best available rate on a VA home loan refinance. We will provide you with a “Good Faith Estimate,” outlining a firm quote that includes all of our fees and lender controlled costs, as well as an accurate estimate of supplementary loan costs such as title insurance, recording fees, and transfer taxes.
Start taking advantage of your military benefits! Use this easy-to-use home loan calculator to estimate the payments of your VA loan. You can count on NASB to offer the most competitive rates available. For a more detailed quote or additional information, please contact a NASB mortgage consultant.
Start using your VA benefits for a VA home loan today!
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