VA Loan Refinance- Enjoy the Benefits of Lower Interest Rates

The home is a pre-requisite thing for everyone. One cannot do without a home. Home is a place where one finds peace and tranquility. It is of prime importance. Everyone tries to get a home and get settled as early as possible. The home is very prominent thing in the scheme of things. Now, there is facility of home loans which facilitates the dream of a home. People obtain home loan and move into the property. However, to lower the interest, one can go for refinancing of the loan.

If someone is already having a home which was financed at a higher interest rate, the way out is VA Loan Refinance. The VA loan refinance is available to veterans and military men. The beneficiary should be a current service member with at least 90 days of service. He should have served as a minimum of 90 days in wartime or 181 days in peacetime. He should be a current member of the reserves or National Guard with six years of service. The surviving spouse of deceased combat veteran can also get the benefit.

The application for a VA Loan refinance is a very easy process. If you have DD-214 proof of service, you can apply for certificate of eligibility. The COE can be obtained in few minutes on VALoansFinance.com. The VA has two VA loan refinance programs to choose from. Those are cash out VA Refinance Loan and streamline VA refinance loan.

Cash Out VA Refinance Loan

The cash out VA refinance loan will lower the interest rate and give you cash. The loan is handled by private lenders with little involvement from VA. The program is beneficial for the homeowners who have a standing VA loan or non-VA loan. The interest rate will be lower than the current prevailing rates. One can refinance up to 100 percent of home’s value. The program can be used to refinance first and second mortgage.

Streamline VA Refinance Loan

The streamline VA refinance loan is used to take advantage of lower interest rates. It is good for current VA loan holders. You cannot use it to pay off second mortgage. The loan value is up to $417,000. The VA funding fee is only 5 percent. You do not need to currently occupy the property. No appraisal is required in this kind of loan. Many lenders do not even require a credit check.

At VALoansFinance.com, we understand the honor and sacrifice that are the hallmark of US Veterans throughout our nation’s history. We are passionate about helping Veterans buy their first home as affordable as possible, and empowering current Veteran