VA Loans: Lower Rates, No Down Payment, No PMI!
Published: February 15, 2017
Veterans could qualify for monthly savings – use this free tool1 on The Easy Loan Site2to start hunting for better rates!
Are you taking full advantage of the benefits you earned as a veteran? VA loans are one of the biggest ways our country shows gratitude for your service. Make the most of this exclusive benefit.
A VA loan could be more lucrative now than it has been in years.
According to Ellie Mae3, VA mortgages are typically at least 0.25% lower than conventional mortgage rates, which means veteran homeowners like you could get significant savings.
Plus, VA loans typically allow for higher debt-to-income ratios and lower credit scores, and they don’t require private mortgage insurance. “If you can qualify, the VA loan is the best program out there,” said Darren Ferlisi, a loan officer with Integrity Home Mortgage Corp. in Frederick, Md.4
If you have a rate that’s higher than 4%, consider exploring your refinancing options before rates begin rising again, even if you have refinanced in the past.
Two Ways to Pay Less on Your Mortgage
- Interest Rate Reduction Refinance Loan (IRRRL), also called a Streamline Refinance
One of the easiest and quickest ways to refinance your mortgage. The VA allows veterans to take advantage of today’s historically low rates with minimal documentation, including:- No appraisal or credit check5
- No immediate out-of-pocket costs (any closing costs can be rolled into the mortgage itself)
An IRRRL can be used to refinance a current VA loan, or turn an adjustable rate into a fixed rate mortgage!
- Cash-Out Refinance
This process is a little more involved but has distinct advantages:- You can bring a conventional loan into the VA program
- The loan amount can be as high as 100% of the property’s appraised value (although some lenders cap out at 90%)
- You can take out a lump sum of money against at an extremely low rate
- No out of pocket costs are required
No matter which option you choose, be sure to shop around to find the most competitive rate and terms.
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