With the multitude of home loan refinancing options that are presently available to most homeowners, it’s essential to weigh the pros and cons of each home loan refinancing program to ensure favorable rates surrounding the mortgage and accumulating interest in the future. Having made that mention, exploring the tremendous opportunities that home refinancing offers through the VA can be extremely prudent if the right qualifications & inclinations are in order. For instance, most VA home loans that are used for refinancing often require no mortgage insurance (PMI, MIP), less-restrictive credit score requirements, cheaper closing costs, and forgo the need of a down payment. How this is accomplished can be summed up quite simply: the Department of Veterans Affairs (VA) lends support to portions of the VA home loan being used for refinancing against the potential of default; thus enabling lenders to offer VA home loans that simultaneously feature favorable interest rates and payment terms while eliminating any down payment requirements. Furthermore, through the benefits offered by VA home loan refinancing, many homeowners are able to actively ‘overpay’ on their VA home loan to reduce loan terms without incurring fees or penalties that are commonly associated with other home loans being used to refinance an existing home mortgage.
For homeowners seeking to lower their interest rate on their mortgage or reduce the term parameters set by their original VA home loan, taking stock of the positives that VA streamlined refinancing offers is an option well worth considering. Taking advantage of the VA’s Streamline Refinance program (otherwise known as VA-to-VA loan refinancing or Interest Rate Reduction Refinancing Loan - “IRRRL”) is undeniably preferred by homeowners who are refinancing their home to reduce interest rates without the need of substantial (if any) out-of-pocket costs. Additionally, refinancing one’s home through the VA’s Streamline Refinance program (IRRRL) also can greatly reduce, if not eliminate altogether, the typical requirements of a down payment at the time of the home loan’s approval.
In order to qualify for a VA home loan to refinance a home, the homeowner must first meet certain criteria in place to safeguard the lender as much as the borrower in the event of a defaulted home loan or foreclosure of the property. Often, a minimum credit score of at least 580 is the lowest credit score that is accepted for the approval of home loan refinancing through a VA home loan. Furthermore, the biggest qualification that is required to obtain refinancing for a VA home loan is the veteran status or military affiliation with the United States Armed Forces.
You may be eligible for a VA loan if you meet one or more of these criteria:
All eligible applicants who are applying for VA home loan refinancing must have, (themselves or a spouse), served in one of the military branches currently protecting the United States: Army, Navy, Air Force, Marines, Coast Guard, Reserves.
98% OF OUR CUSTOMERS RECOMMEND US
We shopped around for the lowest rate to refinance our current mortgage and no one could beat them.Our experience from beginning to end was outstanding!
I have never experienced a loan process that went so smoothly (this is my fourth). The team were amazing! They gave me the lowest rate among three lenders that I spoke with, they were always available and very friendly and I had communication with them throughout the entire process, they always kept me up-to-date with the file and everything went very smooth, even with some credit issues I have. And the loan was completed before we were scheduled to close so we were able to close early. I have a friend who used another lender at the same time and she went through so many hassles and had to extend their closing. Next time she’ll use them also have a much better experience. Thank you!
From top to bottom our refinance with them was flawless. They was able to provide the best rate of anyone else we checked with, we were able to skip 2 mortgage payments, lower our monthly payment by almost 10%, and even walked out of closing with cash. We would highly recommend them to anyone looking for a new home loan or a refinance.
They work hard to get you the best interest rate and they have really low fees. That's first. But they also are great to work with, friendly and professional, and gets back to you in a timely fashion. I've purchased many properties and two now with them. I would recommend them to anyone and everyone.
They were perfect to work with every step of the way. They helped me find the right loan product for my situation and kept me informed with each and every step of the process. They made sure everything was in place and there were never any surprises, I loved the communication - they are definitely on top of it. They helped make this a painless process and my loan closed in a very timely manner. I would recommend them for any of your loan needs and I know they will find the best solutions for your situation.
Their team are THE BEST!! They went out of their way to make sure I was always taken care of. They gave me the lowest interest rate of any lender I met with and after my loan was already approved they found me a BETTER rate. They just kept looking even after the deal was done and they had no reason to, they lowered my rate and surprised me with a lower payment. Who does that?!? And their team was so friendly and professional they just made the whole process great. I will tell everyone I know to use their team every chance I get- Thank you!!!
They are a great team of loan officers who helped me buy a new house last summer. Their team was always quick to answer my questions and was very knowledgeable. I would highly recommend them to anyone looking for a new team of loan officers. Their friendly and outgoing personality make them a delight to work with.
I've had the pleasure of working with them twice for a new loan origination and a refinance. Both instances they completely exceeded my expectations. On our original loan, we were looking for our first home while my wife was pregnant with our first child. It is generally an extremely challenging time to look for a home and go through your first loan process, but they made the experience pleasant and easy as they are exceptional on their knowledge and follow-up. When we were ready to do a refinance we went through them again and it was a very easy low stress process that ended up saving us a lot of money. I am very happy to recommend them in the highest regard, they are exceptional at what they do and are a pleasure to work with. Thanks!
They helped my husband and I purchase our first new home. They were fantastic, with lightning quick responses and willingness to work around our schedule. In addition, they made the process super easy, from pre-qualification to closing. We would recommend their team to anyone looking to purchase a new home!
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