VA Refinancing

Did you know the government provides special benefits to veterans who wish to refinance their mortgage?  That’s right, even if you have a conventional loan or a VA loan, you may qualify for VA refinancing and save money over the life of your loan.

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There are three types of refinancing for veterans and each is set up differently for specific reasons. The first type, VA streamline refinancing, allows you to lower the loan rate on your current VA loan. Also known as a VA Interest Rate Reduction Loan or IRRL, this loan allows you to receive lower interest on your current VA loan but doesn’t have additional requirements like out of pocket closing costs or an approved appraisal.  VA streamline refinancing doesn’t require credit checks or monthly mortgage insurance and there is only a 0.5 percent funding fee on all reductions.

Another option for veterans is cash-out VA refinance or debt consolidation VA refinance.  This allows you to take cash out on the increased equity of your home and is a good option for homeowners who are trying to save money for financing home improvements, college tuition, or pay off other debts. In general, veterans can use their benefits to refinance and take out up to 90 percent of their home’s value.

Finally, one more type of VA refinancing loan is the conventional to VA refinance.  As the name implies, this loan is for veterans who took out a conventional mortgage loan for purchasing their home rather than a VA mortgage loan.  Fortunately if this is your case you are still eligible for VA benefits and you can choose VA refinancing for your mortgage. This type of loan requires a funding fee of 2.2% to insure the loan and includes no out of pocket costs, a lower monthly interest rate, and even allows you to take cash out on 90 percent of your home equity.

So if you qualify for VA refinancing you may want to consider taking advantage of the loans listed above.  There are different options to meet your specific needs and refinancing may help you save more money over the life of your loan.  VA loans are not funded through the Department of Veterans Affairs but are guaranteed by the department.

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Rates as of Thursday, July 24, 2008

Institution Rate % APR
eloan 5.875 5.911
indymac 5.875 6.033
wellsfargo 5.875 6.051

Mortgage Refinance

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