The Veteran’s Administration Provides you with Four Different Refinance Solutions
- Actually this headline is incorrect. The VA does not “make” mortgage loans. They set guidelines and approve lenders to originate VA loans – but the VA does not actually MAKE the
VA HOME LOANS.
- VA Streamline Refinance: Mortgage Lenders also refer to these as Interest Rate Reduction Loan (IRRL). For refinancing this is possibly the veterans greatest mortgage tool. Qualified veterans can quickly refinance to a lower rate, switch from and adjustable rate to a fixed rate loan, or from a fixed rate to an adjustable rate loan.
A veteran does not have to re-qualify for a VA streamline and in most cases an appraisal in not required. Most importantly, there are rarely any out of pocket costs for the veteran. So… you’re just lowering your monthly payment! How cool is that?
- VA Cash Out Refinance: For the veteran with equity in their home, a VA cash out may allow you to put some of that money to work as needed. You may be able to use these equity funds to to make costly home improvements, pay college tuition, or enjoy a cruise around the world. It is your choice. Fortunately, in North Carolina most properties are continuing to appreciate and build equity.
- VA Debt Consolidation: Credit card debt, car loans, and home equity lines of credit can all carry high interest rates and make it difficult to manage your monthly payments. Veterans can consolidate these expensive obligations and combine them into one low fixed rate loan with a VA debt consolidation refinance.
- Conventional Loan To A VA Loan: Veterans who do not currently have a VA Mortgage loan, but meet the VA eligibility requirements, can refinance with a VA Mortgage loan. If this is the case, then you should be able to refinance your current conventional home loan into a VA loan and take advantage of the many options that the VA home loan offers. With many of the Conventional guidelines changing and requiring “cream of the crop” credit- many Veterans are finding this to be a Great Option!
We have years of experience helping Veterans Refinance their homes! For more information about VA Mortgage LOANS, contact Steve and Eleanor Thorne Mortgage Banker in Cary , 919-649-5058
About Eleanor
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