Veterans who own a home in North Carolina are looking for ways to improve their monthly cashflow. Refinancing a greate idea, because rates have NEVER been this low. Ifyou currently own a home in North Carolina and are a Veteran, on Active Duty or otherwise eligible for a VA Home Loan, you may be able to refinance your home using your Veterans Loan benefits… even if your current mortgage is NOT a VA Loan!
If you currently have a VA Mortgage and would like to lower your interest rate, the Streamline Refinance is the best option. This is also known as an Interest Rate Reduction Refinance Loan (IRRRL).
There are not any out of pocket costs and minimal additional documentation is required. The primary requirement is the current mortgage must have been paid on time for the past 12 months.
Conventional or FHA Loan to VA Loan Refinance
If your current mortgage is a conventional, FHA or other program, you may be eligible to refinance to a lower rate and payment using your benefits. VA Loan rates are very competitive, have some of the CHEAPEST PMI rates available for a mortgage. The house would need to appraise, but if you are a qualifying Veteran, and you have some equity – this may be the best program to give you payments than your current mortgage.
Especially if you are looking at a FHA Streamline Refinance – and the FHA PMI charges are eating any “savings’ up because you closed AFTER May 1, 2009!
Cash Ou tRefinance
Due to state specific laws regarding cash out refinance loans, a VA refinance where cash equity is taken out of the home is available in North Carolina… However the appraisal guidelines for these right now, are understandably pretty tight!
Remember that VA Loans are for Primary Residences.. however, in some limited situations, you might be able to use a VA Home Loan to refinance a second home!
If you are considering a VA refinance, please call Steve and Eleanor Thorne, Mortgage Banker in Cary 919-649-5058. We know how to make this program work for you!
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