Question:

How to do VA mortgage refinancing?

Answer:

VA mortgage refinancing can be done easily through the internet. Locate a VA approved lender and submit necessary personal information. Most VA loan financing websites will have a disclosure policy about how your details are shared with third-party affiliates, such as lenders.

If you do not want to apply for VA mortgage refinancing online, you can do this over phone and request that none of your personal data is made available to other parties. You may expect to be contacted back commonly within one business day. Eligible VA applicants do not need credit check.

VA Mortgage Refinancing Options

  1. If you already have a VA loan, you could do a VA IRRL - VA Interest Rate Reduction Loan. With this program there usually are no out-of-pocket costs and no PMI to pay, no appraisal and no income information is required. There will be 0.5% VA funding fee that cannot be waived.
  2. VA cash-out refinance and VA debt consolidation are also viable mortgage refinancing options. Up to 90% of your equity is usually available with this program; again no mortgage insurance or closing costs will be required. VA cash-outs usually have the highest VA funding fee - up to 3.30% of the loan amount.
  3. Non-VA mortgage to VA mortgage refinancing is possible for eligible applicants. Obtain a Certificate of Eligibility at a VA Eligibility Center, or through your lender. The VA funding fee will vary, but if you are a first-time VA loan applicant, expect it to be 2.20%. It can be rolled into the loan.

Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:

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Common misspellings: mortage and morgage