VA Mortgage Refinancing

It is possible for a veteran or member of the military to refinance an existing mortgage into a VA mortgage. It’s also possible to refinance an existing VA mortgage to get better terms or a better interest rate.

A VA loan or VA mortgage is a government backed mortgage deal that’s available to veterans and members of the military. Like any other mortgage the VA mortgage can be refinanced. VA mortgage refinancing is also available to veterans and members of the military who want to convert an existing mortgage into a VA mortgage.

To qualify for VA mortgage refinancing you will have to be a member of the military or a veteran of the US military. Some spouses and widows of veterans may also qualify for VA mortgage refinancing as well.

Advantages of a VA Mortgage

Veterans and others will want to consider refinancing to a VA mortgage because of the advantages it provides. These can substantially lower your mortgage costs and your monthly mortgage payments.

The biggest advantage to a VA mortgage is that it requires no mortgage insurance. Mortgage insurance can greatly increase the cost of mortgage if a homebuyer puts up less than 20% down. A VA mortgage provides the benefits of a big down payment without the down payment.

Another advantage to a VA mortgage is that credit requirements for these mortgages are less stringent. This means that those with bad credit are more likely to get approved.

Types of VA Mortgage Refinancing

Two types of VA mortgage refinance are now available. Both of these kinds of refinance are good deals for the homeowner that can qualify for them.

The VA streamline is a standard refinance deal for those who already have a VA loan but want to lower their interest rate. The advantages to VA streamline are substantial. There are no out of pocket costs to those who qualify for them and no appraisal is required. Best of all no income verification is required. This means that this refinancing can be fast and fairly painless.

The VA cash out is a great deal for those who want to use their home equity to pay off credit card and other debts. This is a mortgage that gives veterans cash to pay off other debts. Unlike other deals it provides 100% financing. It is also a fixed rate mortgage which means one low interest rate is locked in for the long term with this mortgage.

Best of all the VA cash out can be used to convert any other mortgage to a VA mortgage. This can lower mortgage costs and mortgage payments for veterans.

VA Mortgage Refinancing

The benefits of VA mortgage refinancing are so great that every veteran and member of the military should look into. Refinancing your mortgage to a VA mortgage could save your family thousands of dollars. It can also put you in a position to pay off your credit card debts and improve your financial situation.

Every veteran and every military family should look into the possibility of VA mortgage refinancing.