Should I Refinance My VA Home Loan

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Should I Refinance My VA Home Loan?
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Home loans for veterans under the VA program can
be refinanced.
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If you have a home loan under the VA program, you
can enjoy the lower interest rates that are now
available.
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Refinancing can be an effective tool to manage
your household finances.
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Why Refinance?
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First, you should always consider the effect of
closing costs on your decision to refinance and
whether extending your mortgage to a longer
period will help you in the long run.
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Common reasons individuals refinance are
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Lower interest rates - The lower rate can help
you to save money on your loan over the long term.
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Consolidating home equity loan debt - If you have
a home equity loan, in addition to a mortgage
loan, you can combine the two into a single,
lower payment.
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Paying off credit card debt - You can cash out
equity in your home to pay off credit cards and
lower your monthly household expenses.
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Get cash for other needs - You may wish to invest
in some income property that can help your
overall financial goals.
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Perhaps, a family emergency requires some cash. A
refinance loan can help provide money for these
needs.
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Interest Rate Reduction Refinance Loan
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The Interest Rate Reduction Refinance Loan
provides an easy way to refinance for those who
hold a VA guaranteed loan on their homes.
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However, requirements for eligibility are
slightly different for the IRRRL program
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The Certificate of Eligibility that is required
when first applying for a VA loan is not required
for refinancing under the IRRRL program.
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Only the first mortgage on your loan can be
covered under the program. The holders of a
second mortgage must agree to subordinate their
loan so that the refinance can be the first
mortgage.
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Occupancy requirements for the property are
different under the IRRL program. You must have
occupied the property in the past, but do not
have to occupy it in the future.
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Important Facts To Remember About theIRRRL
Program
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Homeowners who have a VA loan and wish to
refinance should be aware of a number of facts
about the IRRRL program
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No appraisal of the home is required.
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No credit underwriting is required.
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You cannot take cash out from your equity under
this program. When converting from a VA ARM loan
to a fixed-rate loan, the interest may be higher.
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The homeowner may roll the costs of refinancing
into the new loan. Interest rates may vary from
lender to lender.
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Those interested in the program should contact
several lenders to compare interest rates.
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Not all lenders offer the IRRRL program. However.
Any lender that provides VA home loans is
eligible to provide refinancing under IRRL.
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Purchase and Cash-Out Refinance Loan
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Homeowners who wish to take money out of the
equity in their homes must use the Purchase and
Cash-Out Refinance Loan Program to do so.
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If this is your first VA guaranteed loan, you
will have to provide a Certificate of Eligibility
indicating your dates of service.
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Some lenders may not permit cash-out of equity
for refinancing these loans. Lenders who do
permit cash-out from equity may allow up to 100
percent of the home's value.
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The cash-out program can be used to combine a
first and second mortgage under one loan.
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Jimmy Vercellino is a VA Loan Specialist who
helps veterans obtain the loans they are entitled
to.
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He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 orvisit the
sitewww.valoansforvets.com
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Jimmy VercellinoVA Home Loan Specialist7702 E.
Doubletree Ranch Road, Suite 220Scottsdale AZ
85258Phone [phone]