VA Refinance Rates
Our Country owes a debt of gratitude to all veterans of our Armed Forces. One way we say thanks to veterans and their families is through the VA home loan program. This program is guaranteed by the Veteran’s Affairs, or VA and serves to ensure all veterans have access to affordable housing.
VA Refinance Rates are at all-time lows recently. The Fed has taken action to help keep rates low for the time being in order to benefit the housing market. This presents a huge opportunity for veterans especially since they benefit greatly from reduced rates. The reason is because of the streamline refinance program. This program lets you refinance your existing VA loan with very little costs and very little paperwork.
How to Qualify
It’s very easy to qualify for low VA refinance rates. For example, there are no credit checks or income verifications. There are also no out-of-pocket expenses and no appraisals needed. However, there are some restrictions. For example, if you’ve had more than one 30-day late payment in the past 12 months, you may not qualify. Also tax liens could disqualify you as well. The government’s view is that you qualified for the VA loan initially, and they want you to have the lowest interest rate possible. That’s why they removed most of the barriers to refinancing. Veterans can benefit in a big way from low VA rates.
Refinancing With No PMI
A typical mortgage requires private mortgage insurance, or PMI. This offers the lender some type of guarantee that they will be paid on their loan. But in the case of veterans, there is no PMI because the loan is guaranteed by the VA. This benefit is extended to surviving spouses except in the case of remarriage. However, there is a VA funding fee for these types of loans. But the good news is the cost can be rolled into the loan so you can close with no out-of-pocket expenses.
Fill out our form today to find out what today’s VA refinance rates are. We have access to some of the most competitive rates in the country. Find out today how we can help you.
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To speak with a VA Home Loan Expert contact 800-826-5077.
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