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.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage