Madison VA Home Refinancing
Active duty military and retired veteran homeowners- there is still time to take advantage of your military mortgage benefits!
Whether you purchased your home before you were eligible for a VA loan, recently got married to someone who owned a home already, are looking to cash out the equity in your home, or want to save money on your monthly mortgage cost, then VA home loans may be the right choice for you!
While only eligible for your primary residence, there are many benefits to government-backed military residential loans. Since your mortgage is partially backed by the US Government, there are certain parameters VA lenders must work within for your loan. You may be eligible for a new VA home loan with no money down, no mortgage insurance, lower rates, and lower closing costs than a conventional or FHA loan, and these limits are the same for Madison home refinancing as well.
We will help you understand if you are eligible for this benefit and how it may apply to you in your unique situation. If you are ready to refinance your existing home loan and want the best rates and lowest monthly cost possible, we are here to serve you.
No Application Fees! Call Fast VA Home Loans at (912) 216-1844 for a Free Consultation!
VA Streamline Refinance
There are two main types of VA refinancing- streamline and cash-out.
A streamline refinance, or interest rate reduction refinance loan (IRRRL), is focused more on saving you money and reducing your monthly rates. This refinance will often allow you to both reduce your interest rate and lower your monthly mortgage payment.
Since you are working off only the amount that you still owe in your home instead of refinancing the entire home value, you are able to spread your current obligation over a new 15 or 30 year period. With this option, you can also roll any closing costs into this new loan, meaning very little is required out of pocket for you.
It is important to note that in order to be eligible for a Madison, GA VA home loan streamline refinancing, your home must currently be mortgaged through the VA program. Conventional loans can not be converted through a streamlined refinance, however, you can still use the cash-out refinance option for this purpose.
There are other reasons beyond reduced payments and lower mortgage rates that can make a streamline refinance an attractive choice. Those looking to change from an adjustable-rate mortgage to a fixed-rate mortgage, those who want to refinance to a short term loan, or those who have made home improvements they would like to finance in a new loan can all utilize a streamlined mortgage refinance.
Our VA mortgage refinancing and residential lending experts will help you understand loan eligibility, options, and support you in making the right choice for your home, family, and future.
VA Cash-Out Refinancing
The other option for refinancing your home through the Madison VA mortgage program is with cash-out refinancing.
With this method, you are able to refinance either a current VA home loan, a conventional mortgage loan, or an FHA or USDA loan into a new veteran’s mortgage. While you do have the option to cash-out the equity in your home for home improvements, bills, or emergency expenses, you can leave the value in your home and simply refinance at a lower rate, similar to the streamlined loan options.
There are a few key differences. Since this loan is more flexible, there may be higher fees as well. Closing costs are not able to be rolled into the new mortgage with this type of refinance, so you will need cash on hand. You can finance the Department of Veteran Affairs funding fee with your mortgage, however, it can not make your mortgage exceed the value of your home.
As military mortgage specialists, we understand how complicated this whole process can be. That is why our VA loan experts are dedicated to supporting you every step of the way. From determining your program eligibility to selecting the right loan for you, we help make the refinance or home buying process go as smoothly as possible.
Let’s Talk Now- Free Consultation
Military mortgages and VA home loan refinancing are outstanding benefits the US government provides to our active duty service members and veterans. We want to ensure you are fully realizing the value of this benefit, and are getting the best loan possible for your home, family, and needs.
Our Madison VA home refinancing experts work with you throughout the home shopping, buying, and refinancing process to make sure you are in the best position possible to continue to provide a safe home for your family.
No Application Fees! Call Fast VA Home Loans today at (912) 216-1844 for your Free Consultation!