VA Home Loan Refinance Options Explained

Must Read

Parent Plus Loan Consolidation

If you are a graduate student or a parent that has multiple plus student loans then you may be...

Getting Pumped Up About Black Friday 2009

The excitement is in the air and rightfully so. There is so much to enjoy about this holiday season,...

Home Mortgage Refinance Loans – Understanding No-Cost and Low-Cost Mortgage Refinancing

While refinancing your home loan may appear attractive, it is important to consider the costs before refinancing. Refinancing your...

Debt Consolidation Loans For Cash Advance Relief

Cash advance loans can be a useful financial tool in a short term emergency despite expensive financing costs and...

Subprime Mortgage Refinance and Subprime Home Equity Loans

If you have credit problems in your past and a low credit score, if you decide you want to...

Bad Credit College Loans

Your bad credit rating need not stop you from putting your finances back on track and getting the best...
Admin
test

There are a number of options available to veterans for refinancing their homes. Refinancing can help you to lower payments, consolidate your debts, make improvements on your home, or even help you pay it off more quickly. Whatever your motivation, there are VA refinance options that will fit your needs. These options include the following:VA Streamline Refinance Loan: this is the easiest and fastest way to reduce your interest rate, reduce your payment, and/or reduce the length of your loan. Also known as an interest rate reduction loan or IRRRL, this is the best mortgage refinance loan on the market. Credit qualifying is not required, which means that even with bad credit, you may still be eligible for a loan.VA Debt Consolidation Loan: In order to lower your monthly payments from credit cards, second mortgages, auto loans, or other debts, you can borrow up to 100 percent of your home’s value. You must have some type of equity in your home to qualify for this type of loan.VA Refinance Relief: This loan can help veterans who have non-VA, “sub-prime,” or conventional loans with higher interest rates or other unfavorable terms. It is provided by the Veteran’s Benefits Improvement Acts of 2008, and is available to help those who are “upside down” on their loans with little or no equity in their homes.VA Home Improvement Loan: If you would like to make home improvements and increase the value of your home, you can use your home’s current equity. You can borrow up to 90 percent of your home’s equity.VA Energy Efficiency Mortgage: If you are making energy-efficient upgrades to your home, you can get up to $6,000 added to your refinance loan. These loans allow you to qualify for a larger loan amount and purchase a better, more energy-efficient home. You would have to have your home rated before financing is approved.VA Cash Out Refinance Loan: This loan can be used to pay off bills, lower monthly payments (not just mortgage payments), or build up a cash reserve. Veterans with equity in their homes are eligible for this loan, and the cash can be used for any purpose. An appraisal is required and you must qualify for the loan (unlike the VA streamline refinance loan). Also a 3 percent funding fee is charged for this loan, but it can be rolled into the loan.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Digital Marketing for Beginners

Digital marketing for starter, Let to basic learning about connecting with your audience in the right place...

What are 7 things poor people do that the rich don’t?

1. poor people watch TV in which people read books how many hours you spend in front of the TV and when...

Top 18 best small business ideas for beginners starting

A small business can be frightening and requires plenty of careful planning there are many small business ideas which can be beneficial...

Summer that makes you happy

We saw were already here I've been thinking about some of the things. I used to do with my husband even though...

4 Point to helpful tips specifically for caregivers

What you need to take a vacation. I know it sounds impossible creative and try to make it work for you almost...

More Articles Like This