VA Refinance
Refinancing your mortgage can be done several ways and for a variety of reasons to help your financial situation.
Streamline Refinance
Borrowers who already have a VA Loan and are looking to refinance into a lower monthly mortgage rate can use the Streamline refinance option.
This refinance type is relatively easy and can be done quickly. Because borrowers are refinancing from one VA Loan product to another, there are several advantages. No re-appraisal for most instances, no need to obtain another Certificate of Eligibility, and no requirement for out-of-pocket costs are a few.
Borrowers can avoid paying any money down if they choose to roll the closings costs and fees into the balance of the loan.
There are only a few requirements and stipulations. The borrower is not allowed to receive any cash back from the Streamline refinance and the borrower must certify that he or she currently or has previously occupied the property.
One of the key benefits of a Streamline refinance is the opportunity to lock in a lower interest rate and lower your monthly payments — giving you and your family more financial freedom.
Today's interest rates are at historically low levels and even just a half a percent lower rate could realize tens of thousands in savings over the life of a loan:
Amount Paid In InterestTotal Savings over 30 years150K 0.5% lower interest$19,033.75150K 1% lower interest$32,696.48250K 0.5% lower interest$31,254.16250K 1% lower interest$54,494.12
Getting started on a Streamline refinance is easy and the whole process can be completed in a surprisingly short amount of time.
The VA Loan experts at Effective Mortgage Company are ready to guide you through the refinancing process and can answer all the questions you may have.
Cash-Out Refinance
If you don't have a VA Loan but would like to take advantage of its competitive rates, easier qualification requirements and lower monthly payments, a cash-out refinance may be your best option.
A cash-out refinance loan provides you the opportunity to use the equity in your home and turn it into cash. Through this type of refinance, borrowers can receive up to 90 percent of the equity in their house. Whether it is for college tuition or to cover unexpected bills, the cash used in this type of refinance is yours to do what you please.
Whether refinancing a conventional, FHA, or USDA loan, the cash-out refinance option is available regardless of loan type. Many borrowers choose the cash-out refinance option over other types of loans because of the ability to repay the loan over a longer period of time, and, typically, the cash-out refinance option ensures a low interest rate. A cash-out refinance provides access to cash from the equity you've built up in your home — and you're free to use the money for whatever you want.
Streamline Refinance
Borrowers who already have a VA Loan and are looking to refinance into a lower monthly mortgage rate can use the Streamline refinance option.
This refinance type is relatively easy and can be done quickly. Because borrowers are refinancing from one VA Loan product to another, there are several advantages. No re-appraisal for most instances, no need to obtain another Certificate of Eligibility, and no requirement for out-of-pocket costs are a few.
Borrowers can avoid paying any money down if they choose to roll the closings costs and fees into the balance of the loan.
There are only a few requirements and stipulations. The borrower is not allowed to receive any cash back from the Streamline refinance and the borrower must certify that he or she currently or has previously occupied the property.
One of the key benefits of a Streamline refinance is the opportunity to lock in a lower interest rate and lower your monthly payments — giving you and your family more financial freedom.
Today's interest rates are at historically low levels and even just a half a percent lower rate could realize tens of thousands in savings over the life of a loan:
Amount Paid In InterestTotal Savings over 30 years150K 0.5% lower interest$19,033.75150K 1% lower interest$32,696.48250K 0.5% lower interest$31,254.16250K 1% lower interest$54,494.12
Getting started on a Streamline refinance is easy and the whole process can be completed in a surprisingly short amount of time.
The VA Loan experts at Effective Mortgage Company are ready to guide you through the refinancing process and can answer all the questions you may have.
Cash-Out Refinance
If you don't have a VA Loan but would like to take advantage of its competitive rates, easier qualification requirements and lower monthly payments, a cash-out refinance may be your best option.
A cash-out refinance loan provides you the opportunity to use the equity in your home and turn it into cash. Through this type of refinance, borrowers can receive up to 90 percent of the equity in their house. Whether it is for college tuition or to cover unexpected bills, the cash used in this type of refinance is yours to do what you please.
Whether refinancing a conventional, FHA, or USDA loan, the cash-out refinance option is available regardless of loan type. Many borrowers choose the cash-out refinance option over other types of loans because of the ability to repay the loan over a longer period of time, and, typically, the cash-out refinance option ensures a low interest rate. A cash-out refinance provides access to cash from the equity you've built up in your home — and you're free to use the money for whatever you want.
