You may have heard of VA Refinancing before, but there are always questions that we hear about what it really is, what you can use your cash or savings from refinancing for, and how you get qualified. So, we are writing this article to answer those questions and give you a better understanding of our refinancing process at VA Home Loans Idaho.
What is VA Refinancing?
For those veteran and active military homeowners looking to reduce their rates or get some extra cash in their pocket, VA Refinancing might be the right choice for you. We offer two main programs to help you obtain the funds you need when you need them.
What Can You Refinance For?
The Streamline Refinance option is for people looking to lower their monthly mortgage payments. It allows military homeowners to take advantage of lower interest rates which will, in turn, lower the overall monthly payments.
The Cash-Out Refinance option, on the other hand, allows you to cash in on some of your home’s equity in the situation that you need cash in your pocket right away. The funds acquired through this program can be used for whatever needs might come up, including home updates, repairs, or renovations. But, the payout doesn’t just need to go back into your home! You can also use the money in the event of an emergency or to pay off any outstanding bills you might have.
How Do You Refinance?
Now that you have an idea of what VA Loan Refinancing is and the options available, the next step is to take action. On our website, you can request a quote for refinancing by answering a few initial questions about you and your home and one of our well-qualified team members will call you. From there, you will discuss options and find the best solution for your unique situation.
Is VA Refinancing Right For You?
If you are looking to save a significant amount of money on your monthly mortgage payments or just need some cash in your pocket for paying off bills, home upgrades, emergencies, or other needs, then Veterans Affairs loan refinancing might be right for you!
At VA Home Loans Idaho, we know what it’s like to be a part of the military lifestyle, and we want to help others who have served get the financial security they need. Don’t hesitate to contact us with any questions you may have!