Are you a veteran or are you in the military on active duty? Are you interested in taking advantage of the lowest interest rates with extremely low mortgage payments and having no monthly mortgage insurance? If you answered ?Yes? to any of these questions, then a VA Refinance is the perfect solution for you.
Types of VA Refinancing
1. VA Streamline Refinance
With VA streamline refinance current VA homeowners are able to lower their monthly interest. Most veteran homeowners choose this type of refinance because VA Financing rates are lower plus there are no out of pocket costs involved.
2. Cash Out Refinance
Another popular type of refinance loan that let?s you take cash-out in addition to your existing home loan balance. Therefore, you have your current balance plus your desired cash-out amount.
3. Conventional to VA Refinance
These financing options are for veterans that do not possess a VA home loan currently and are generally entitled to apply for one. You could get 90% of your home value in cash according to your qualifications and also the state you live in. If you ever refinance through VA your interest rate might be more affordable than your existing conventional loan because of the all time low VA Rates.
Make sure you refinance for the right reasons. It is very important to know your options. Here are the top 4 reasons why you should refinance today.
1. Lower Interest Rate. With today?s low interest rates you will save money each month and this will let you build a home equity more quickly (in case you decide to get a 15yr VA Loan). Low interest rates have made loan refinancing more inviting to many veterans.
2. Lower Monthly Payment. By stretching out your house loan payment to a much longer term you can decrease your monthly payment. The negative effect of lengthening the term is that you pay more interest over the longer life of your loan.
3. Pay off your home loan faster. By shortening the length of your loan, you can pay off your home loan faster. The downside of shorter term is that your payments are significantly higher.
4. Switch to fixed-rate loan. You may want to take into consideration fixed-rate loan in order to create a steady and manageable monthly payment. A 15-year fixed rate and 30-year fixed loans are definitely more stable long term vs. an Adjustable Rate Mortgage (ARM). .
Think about it this way, a VA Refinance loan is exactly what you need to make your financial dreams become reality. But before making any financial decisions, make certain that you fully understand all the terms and obligations offered to you before signing any loan documents.
Do you think you can find the most competitive VA homeloan? Find out in 2 minutes flat by going to VA-Loan.org and shopping for the best VA Loan Today.
Source: http://art.redbright.co.za/what-you-should-know-all-about-a-va-refinance/
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