What is a VA Loan Refinance?
You can save money by lowering your interest rate with a VA Refinance. This is an important veteran benefit since this loan will require minimal paperwork and is an option if you don't need to borrow cash from your home. The streamlined refinance or an Interest Rate Reduction Loan (IRRRL) can lower your monthly payment and help your overall budget.
VA Refinance Benefits
A VA refinance is a great choice for veterans to quickly reduce your rate and stretch your budget. The process is simpler than a traditional VA loan as it features:
- No money out of pocket as closing costs can be rolled into the new loan
- Faster closing with one of our VA mortgage specialists
- Lower rate or better terms
- No W2s or bank statements are required
- No home appraisal is required
- Low funding fee
- No loan-to-value limit is required
- No prepayment penalty
You can also use a VA refinance to move from an existing VA adjustable rate mortgage (ARM) to a fixed-rate loan, even if it does not result in a lower rate. However, you cannot get cash out from this type of loan. If you need extra cash for expenses or debt consolidation, you may want to consider a VA Cash Out Refinance.
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VA Refinance Eligibility
Check your VA eligibility with these five simple steps:
Already have an existing VA loan (which means you do not need to show proof of veteran status with your COE).
Be current and on time on your loan with no late payments for the past 12 months.+
Refinance to a lower interest rate, move from an Adjustable to Fixed rate or want to reduce your loan term.+
Not need any cash out of your home.+
Certify the home is your primary residence.
To be eligible, you must also meet credit and income requirements. With home loan specialists with VA expertise, we work with you to understand your unique needs and explain your refinance options so you can make the right decision. At Freedom Mortgage, we will guide you through every step of the process.
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