The benefits of refinancing your va loan
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"Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to. He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership. Be a proud homeowner today. For more details call 480-351-5904 or visit the site http://www.valoansforvets.com/VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]"

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The Benefits of Refinancing Your VA Loan

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The benefits of refinancing your va loan

The Benefits of

Refinancing Your VA Loan


The benefits of refinancing your va loan

Many homeowners find themselves in possession of a

home loan acquired several years ago that has a higher

interest rate than those that are currently available.


The benefits of refinancing your va loan

These individuals may not be aware that the VA

guaranteed home loan program also has a number

of refinancing options to help them get a better

interest rate.


The benefits of refinancing your va loan

Here are a few points to know about how the VA

Guaranteed Home Loan Program that provides

home loans for veterans can also help you

refinance your mortgage.


The benefits of refinancing your va loan

The Interest

Rate Reduction

Refinance Loan


The benefits of refinancing your va loan

This option, often called the IRRRL, is a convenient way

for veterans, active duty service members and current

National Guard and Reserve members to reduce their

monthly mortgage payments.


The benefits of refinancing your va loan

Surviving spouses can also benefit from the program.

Applicants for these loans should remember several

important points:


The benefits of refinancing your va loan

A Certificate of Eligibility proving your service

record is not required. However, if you have the

Certificate, it can be used to show the prior use of

your entitlement.


The benefits of refinancing your va loan

No appraisal is required for an IRRRL.

No credit underwriting will be required to qualify

for an IRRRL.

The IRRRL can be done with no money “out of

pocket,” that is, the costs of acquiring the loan can

be rolled into the loan amount.


The benefits of refinancing your va loan

Terms for an IRRRL can vary, so applicants are

encouraged to try several different lenders.

When changing from an adjustable loan to a fixed

rate loan, a higher interest rate may apply.

You cannot take cash out of your equity in the

home with an IRRL.


The benefits of refinancing your va loan

You do not have to reside in the home when

applying for an IRRL. However, you will have to

prove you resided in it at an earlier time.

A funding fee that helps to fund the IRRL

program is required. This fee can be rolled into

the loan.


The benefits of refinancing your va loan

The IRRL requires minimal documentation. No

credit score or employment verification is needed.

No loan limits are set by the VA. However, limits

are placed on the amount the VA can guarantee

to the lender. This amount is generally four times

the entitlement figure.


The benefits of refinancing your va loan

The Purchase

and Cash-Out

Refinance Loan


The benefits of refinancing your va loan

The VA home loan program also offers a cash-out refinance

program that allows you to take money out of your home

equity for expenses, such as paying credit card debt, paying

for education or making improvements on the home.


The benefits of refinancing your va loan

A few important points to remember about the cash-

out refinance option are:

Unlike the IRRL, a Cash-Out Refinance requires

both employment verification and credit score.

Generally, a minimum credit of 620 is needed to

qualify. However, lenders may require a slightly

higher score.


The benefits of refinancing your va loan

A few important points to remember about the cash-

out refinance option are:

For a Cash-Out Refinance, no more than 100% of the

property’s value can be borrowed.

However, some lenders may only allow the loan to

cover 90% of the home’s value.


The benefits of refinancing your va loan

A few important points to remember about the cash-

out refinance option are:

A new appraisal is required for a Cash-Out

Refinance.

You can roll the funding fee into the loan or pay it

in cash.


The benefits of refinancing your va loan

Individuals with VA loans can benefit from

either of these two options.


The benefits of refinancing your va loan

Jimmy Vercellino, VA Loan Specialist helps

veterans obtain the loans they are entitled to.


The benefits of refinancing your va loan

He served in the United States Marine Corps, and now

devotes himself to the Veteran home buyer in the Phoenix

area, fulfilling a passion of his while at the same time

helping others achieve home ownership.


The benefits of refinancing your va loan

Be a proud homeowner today. For more details call

480-351-5904 or visit the site www.valoansforvets.com


The benefits of refinancing your va loan

For more details call 480-351-5904 or visit the

site www.valoansforvets.com


The benefits of refinancing your va loan

VA Loans for Vets

7702 E. Doubletree Ranch Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: [email protected]


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