VA Home Loan Refinance
The low interest rates of today may be gone tomorrow. U.S. Department of Veterans Affairs stands behind VA Home Loan Refinance options, allowing you take advantage of these unique loan programs. There are mortgage loans at iFreedom Direct® that are setup to help members of the military refinance their homes at a rate competitive to conventional loans.
Good reasons to refinance a home include:
- Consolidating debt
- Obtaining a lower interest rate
- Making changes to the type or term of your loan
- Taking cash out of the equity you have in your home
- Eliminating monthly mortgage insurance
The VA Streamline process might be a good option for you if you have a higher interest rate on a VA loan. Streamlining can allow you to reduce your interest rate, using the Interest Rate Reduction Refinance Loan (IRRRL) program. This program lets those with good credit obtain a low interest rate with less red tape than a traditional loan. It is popular because it is generally faster and more affordable. VA eligible-borrowers may use this type of financing over and over again to keep the lowest interest rate possible on their loan.
Our Streamline loans offer unique benefits that include:
Appraisals as needed
No cash down
No new COE
Less income verification
The VA does not require underwriting packages or appraisals for Streamlines, however your lender may still need these for underwriting. A new COE isn't neccessary. This is because the one that is already in place for the loan should still be adequate. Payment history can also be used in the process, if it demonstrates your ability to pay for this type of loan.
In addition, you may need to supply income documents to re-qualify for an IRRRL. In the current lending market, most lenders will likely run a credit check and/or order an appraisal report.
VA Cash Out Refinance
When you have built up a substantial amount of equity on your current residence, you can take advantage of the VA Cash Out Refinance Loan. Doing so will allow you to refinance your home, taking cash out to use for other expenses. Some people do this to pay off loans or credit cards or to make home improvements.
This type of loan is great for consolidating debt. It allows you to payoff short-term, high interest loans by combining them into one long-term, low interest loan. This lets you consolidate several payments into one monthly mortgage payment.
VA Refinance Specialists
At iFreedom Direct®, we have specialists who are trained to help you find the best mortgage package available for your situation. They will analyze your needs and discuss your VA loan refinancing options with you.
When you refinance, you may have to provide a summary of your current financial status. Two key parts of this include credit and income statements. It’s a good idea to have this documentation on-hand when you contact one of our representatives. This allows for a speedy loan process.
Two Steps CloserTo Start Your VA Home Loan
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