Direct VA Loans

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

 

VA Streamline

The VA Streamline process might be a good option for you if you have a high interest rate on a VA loan. This allows 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 fast and 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 in most cases that include:

No appraisals
No cash down
No new COE
Less income verification

VA loans do not require underwriting packages or appraisals and most of the time, you will not need to get a new COE. 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 not need to supply income documents to re-qualify for a IRRRL. Some lenders may still run a credit check and/or order an appraisal report, depending on the market.

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.
 

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