Your National VA Home Loan Refinance Provider - MyVaRefinance.net

 
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 WE ARE HERE TO HELP YOU WITH YOUR VA LOAN QUESTIONS!

FHA, FHA Streamline, Jumbo and Conventional Loans Available As Well

In these troubled times you need to be able to trust a lender that can help you with your VA loan needs. We have some of the most reasonably priced VA loans in the country. We do this by keeping our overhead low and processing all of our loans here in house and not shipping them out like a mortgage brokerage company. This is the benefit of getting a loan directly through a bank and not having to go out to a mortgage broker or mortgage company. This also allows us to lend in all 50 states. Call or email today for a free quote on what your rate would be should you refinance today.There are 3 diferent types of VA loans available today. You can either purchase a home with $0 down payment and no Private Mortgage Insurance, pull cash out on the home up to 100% of the home's value or do a streamlined interest rate reduction refinancing loan (IRRRL). These loans were all created to help those who served our country be able to finance the home at the best terms available. In these times of decreasing property values and tighter guidelines for getting home loans a veteran has an excellent tool at their disposal. The veteran can increase their cash flow by lowering their interest rate and lowering their monthly payment with no appraisal or  income documentation. One of these programs the VA created is an Interest Rate Reduction Refinancing Loan program called an IRRRL. This is an excellent loan option for veterans to lower their interest rate with very little to no out-of-pocket costs. These types of loans can be easily done with no hassle and are an excellent way to put cash back in your pocket

When doing an IRRRL (Interest Rate Reduction Refinancing Loan), or VA streamline refinance, it enables you to be able to refinance your loan to a lower market rate with little to no expense out of pocket. This is available to veterans who took out a VA loan when they initially purchased the home or currently have VA loan now as a result of a refinance that was done at a later date. There are 2 types of NO COST streamline loans that are possible when doing an IRRRL (Interest Rate Reduction Refinancing Loan). You can either roll the costs of the loan in with the principal balance or take a higher interest rate and have the lender pay the costs on your behalf. Basically we will have to determine which makes more mathematical sense based on how long you plan on keeping the loan and when will the fees have paid for themselves.  Another great loan option for veterans is the 100% cash out loan. Again you can increase your cash flow by lowering your monthly payment and also by paying off your revolving debts. This can be done without having PMI, or Private Mortgage Insurance, added onto the monthly payment like you would with a conventional loan. You can also use this loan to payoff your 80/20 loan you may have taken out when you purchased the home or combine 2 mortgages that were taken out at separate times. One last great option is getting a VA loan when your purchase a new home. You can get into the home with $0 down and no PMI! The VA will allow the seller to pay up to 6% of the closing costs. The VA loan also has a very wide credit score allowance so you don't have to have perfect credit!

Advantages of an IRRRL (VA Streamline Refinance)
 
You will not have to have an appraisal
You will not have to supply any income or asset documentaion
You can have all of your expenses rolled into the new loan without having to bring any cash to the closing table
 

Typical Conditions of an IRRRL (VA Streamline Refinance)
You must be current on your existing VA home loan
You can’t receive any cash back at the closing table
 
Additional Benefits of an IRRRL (VA Streamline Refinance)
You can skip up to two monthly payments
You will receive your current escrow balance back from your old lender
You also can now finance any energy efficient improvements 

Additional Loan Products
We also can help you with all your other home loan needs!
We have many available mortgage products including FHA, Conventional and Jumbo loans.
Ask about our 100% VA cash out loan or 100% VA purchase loan with no PMI
!

FHA, FHA Streamline, Jumbo and Conventional Loans Available As Well

Go with a trusted bank from the midwest with national lending capabilities. You won't be disappointed!


Things To Think About

Tips and things to think about to determine if refinancing is right for you

1. What are your plans with this property? Are they short term or long term?

2. What is difference in the interest on your current loan compared to your new loan?

3. Are you currently paying private mortgage insurance (PMI) on the loan?

4. What are the total closing costs of the new loan?

5. How much equity have you built up in the home?

6. Do you need any cash out to pay off any higher interest revolving debt?

7. Don't rely on published rates. No one advertises their worst product.
 
8. Be very specific about what you want and want to accomplish with the new loan.

9. Always ask for the reissue rate on your title work that is being done. It will always save you alot of money.
Use Your Va Eligibility To Purchase A Home As Well

Now more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many prospective home buyers. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit. Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for VA Loans are typically 0.5%-1% lower than conventional loans.

These two advantages add up to big monthly savings.The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first time buyers who purchase a home in 2009. A VA Loan Specialist will be able to help you determine your eligibility for this tax credit.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.

Buying a new home can be a very rewarding experience. As a new home buyer, there is a lot you need to know and selecting the right loan is definitely one of them.It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.

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You can email for more information at Info@MyVaRefinance.net

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