How To Refinance Your VA Home Loan

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• HOW TO REFINANCE YOUR

VA HOME LOAN
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• Veteran Affairs home loans are alternatives for
  men and woman who have served in the military.

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• Qualifying spouses of military personnel can also
  use these loans. Refinancing can help those who
  have fallen on hard times.

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• Refinancing is where you can rewrite your loan
  and throw out the other. It usually lowers the
  interest term and rate, which lowers the monthly
  amount you need to pay.

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• If you or your spouse was military personnel, you
  have 3 options to refinance your home loan. Each
  of them can help you based on your individual
  needs.

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• STREAMLINE REFINANCE PROGRAM

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• This program will benefit a veteran who already
  has a loan with the VA. The Streamline Refinance
  program allows you to reduce your monthly payment
  or lower the terms of your original loan.

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• The advantages of this program include

• Limited amounts of documentation

• No credit checks

• No appraisal.

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• However, some lenders may still need you to
  verify all of these things before refinancing
  your loan.

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• Another great advantage to this program is the
  fact that you will be paying a lower funding fee.
  For this loan, it is usually around 5.

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• The Streamline Refinance program is the lowest
  stress refinancing program available.

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• VA CASH-OUT FINANCING

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• This program is mostly for veterans who have
  equity in their property. Using this method to
  refinance could mean that you could get money
  back from refinancing your loan.

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• Again, this depends on your lender some do not
  allow you to do this. This program will still
  allow you to have lower payments or lower the
  terms of your original loan document.

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• With the equity already in your property, this
  could substantially change the amount you have to
  pay or the duration in which you have to pay for
  your home loan.

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• REFINANCE YOUR CONVENTIONAL LOAN

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• This program is best for people who do not have
  VA loans. The VA considers this a Cash-Out
  refinance but you are unlikely to get any money
  back when you refinance.

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• However, your money will not go to waste. The
  equity in your house will make your payments or
  term of payments that much shorter.

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• One of the biggest advantages is that lenders are
  more than likely to cover the entire cost of your
  home loan.

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• Another advantage would be that they would decide
  the amount of your funding fee based on your
  eligibility. The fee for this loan is generally
  between 2.5 and 3.3.

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• You do not have to pay this out-of-pocket. Many
  lenders will add this to the back of your loan.

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• Once you have chosen your program, you then need
  to submit your documentation in order to apply
  for that particular program.

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• Choosing a program is half of the challenge of
  refinancing your home loan. While some of the
  advantages of the program are lender specific,
  refinancing can help you save money and lower the
  term of your interest.

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• It is very advantageous to look at all your loan
  options before deciding on a certain program to
  use. To ensure that you are getting the best
  program, it is best to discuss all of your
  options with your lender.

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• Mortgage Originator Jimmy Vercellino,
  specializing in VA loans, helps veterans use
  their VA loan benefit to their greatest
  advantage.  

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• For more details call 480-351-5904. Visit the
  site at http//sandiego.valoansforvets.com/

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VA LOANS FOR VETS 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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