VA interest rates are still near historic all-time lows Florida property values are increasing. The low-interest rates of today may be gone tomorrow. Now is probably a good time to look into a refinance, but what VA refinance is right for you? Let’s take a look at the different VA refinance options here in Florida and some reason a refi might be a good idea:
- Consolidating debt
- Obtaining a lower interest rate
- Making changes to the type or term of your loan. Maybe you are in an ARM loan now and want a Fixed rate.
- Taking cash out of the equity you have in your home
- Eliminating monthly mortgage insurance
VA Streamline (IRRRL)
The VA Streamline refinance 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.
The VA streamline loans offer unique benefits in most cases that include:
No appraisals ( unlimited loan to value)
No cash down
No new COE
VA IRRRL loans do not require 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 an 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 VA Mortgage Hub we have local Florida VA loan specialists who are trained to help you find the best refinance available for your situation. They will analyze your needs and discuss your VA loan refinancing options with you. Please read all the VA refinance FAQ’s here.
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.
VA Mortgage Hub is Florida’s leading 100% VA loan resource serving you 7 days a week. Questions? Please call us at ph: 800-743-7556 or just submit the quick Info Request Form on this page and a VA loan specialist will contact you.
Duval County, Nassau County, Clay County, St. Johns – Jacksonville, Orange Park, Middleburg, St. Augustine, Callahan, Yulee. Different VA Refinance Loan Programs 2014