VA Mortgage Loans: Purchase, Refinance, Cash Out, IRRRL, Streamline
by Justin Woodbury
A VA loan is meant to help veterans of the United States Military get easy access to home financing. You will of course need to consult a mortgage specialist in order to determine your eligibility, because guidelines do change often. However, you should be able to qualify for one if you meet one of the following conditions: You have served 90 consecutive days of active service during wartime; You have served 181 days of active service during peacetime; You have more than 6 years of service in the National Guard or Reserves; You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
You may use your veteran administration mortgage loan to buy a domicile. In some scenarios doing this will let the vet to purchase their chosen home with zero money as a down payment for one hundred percent financing. For example, if the home you have your heart set on costs $250,000, using a veteran administration loan you may be able to have your loan amount be for the entire $250,000. If you would compare this example vs a FHA loan or even a conventional loan, you would usually be required to come up with cash for a down payment.
Now, once you have your VA mortgage loan you may refinance it if you want to make changes and there are several typical ways of doing this. If you are currently in a fixed rate loan and want to lower your payments, you can refinance and replace your current loan with an adjustable rate mortgage that could potentially lower your payments. You may change your loan to a 15 year mortgage instead of a 30 year mortgage so that you can save money on cumulative interest. You may change from a 15 year loan to a 30 year loan so that you can save money on a monthly basis. Some of these refinances can be completed using the IRRRL refinance or Interest Rate Reduction Refinance Loan, which may save you money on the appraisal and funding fee!
The Cash Out Refinance is another highly effective way to utilize your VA mortgage loan and home owner's equity. Many home owners are using the Cash out refinance to pull equity out of their home to do things such as build a deck, remodel, or even add a room or have solar panels installed! Many home owners are also using their home equity to pay off high interest or revolving accounts such as credit cards, this may help you in your quest to become debt free.
Like most refinances, there are sometimes costs associated. In the case of the VA loan you sometimes have a funding fee or closing costs. This funding may be able to be waived in some scenarios though so you should contact a loan specialist or mortgage broker to find out which loan program would best suit your goals and eligibility.
Find out what <a href="https://www.emortgageconnect.com/va-mortgage-loan-rates/">VA Mortgage Rates</a> or <a href="https://www.emortgageconnect.com/va-mortgage-loan-rates/">Cash Out Refinance</a> rates you're eligible for today!
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New Unique Article!
Title: VA Mortgage Loans: Purchase, Refinance, Cash Out, IRRRL, Streamline
Author: Justin Woodbury
Email: adsites@uberarticles.com
Keywords: veteran, military, loan, refinance,mortgage, finance,debt, money, equity, real estate
Word Count: 488
Category: Loans
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