Tips to Consider Before Refinancing a VA Loan

Mortgage refinancing is making a buzz as interest rates continue to become favorable to eligible homeowners. As a VA home loan beneficiary, you could get unsolicited offers from mortgage lenders and other financial institutions to seize the opportunity to reduce your monthly payments. Although the U.S. Department of Veterans Affairs (VA) makes it possible for eligible VA home loan beneficiaries to fulfill their homeownership dreams, there could be situations when refinancing can make a VA home loan even more rewarding.  

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How VA Determines Funding Fee Cost?

Eligible veterans and other homebuyers who were able to obtain a Certificate of Eligibility or COE may start using their VA home loan benefits, especially this year that they can apply for a higher loan amount to buy their dream home. Without the need of putting a down payment and with no mortgage insurance requirements are, by far, the most significant advantages of taking out a VA loan to buy a home. The U.S. Department of Veterans Affairs (VA), however, requires veterans to pay a funding fee.

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4 Mortgage Relief Scams Every VA Loan Beneficiaries Should Avoid

A recent Government Accountability Office (GAO) report called the attention of the Department of Veterans Affairs (VA) to improve their ways of protecting veterans against fraudsters who might take advantage of their situation. Veterans are highly vulnerable to scams especially if they are falling behind on their mortgage and are already threatened to lose their homes.

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Reduce Your VA-backed Home Loan Interest Through IRRRL (Interest Rate Reduction Refinance Loan)

The Department of Veterans Affairs (VA) extends its helping hands to financially-challenged Veterans who have taken a VA-backed home loan. After serving the country, our Veterans truly deserve to get all the help they need to have a comfortable living back here at home. Through the Interest Rate Reduction Refinance Loan or IRRRL, it is possible for Veterans to streamline refinance their current VA-backed loan, especially nowadays that interest rates are becoming more favorable to borrowers.

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Everything Veterans Should Know About the Appraisal Process

Veterans who plan to buy a home using their VA Home Loan benefit have to undergo several steps where they need to settle several upfront fees before they can start moving into their dream home. Appraisal is on top of the list of fees that Veterans need to pay upfront, and it’s a process that every Veteran should undergo before underwriters decide their fate. The VA requires a home appraisal to ensure that Veterans and their families get a quality home.

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COE: The Veterans’ Gateway to VA Home Loan Benefits

It’s just fair for Veterans to have a meaningful civilian life after dedicating their lives serving the country and its citizenry. To compensate for their dedication, the U.S. Department of Veterans Affairs (VA) has created programs to make the lives of Veterans comfortable as they transition from being active service members to ordinary citizens. The VA home loan is among the popular programs that help Veterans fulfill their American dream of becoming a homeowner.

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One-time Expenses VA Loan Homebuyers Need to Know

Eligible Veterans and other homebuyers who qualify for a VA loan are often not required to pay a down payment. Conventional loans typically require homebuyers to settle a 20% down payment. The U.S. Department of Veterans Affairs (VA) has made homeownership more affordable for Veterans in gratitude for their dedication in serving the country. However, Veterans need to settle several one-time expenses when buying a home.

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Disabled Veterans May Be Entitled to a Refund

Thousands of disabled Veterans who received a VA-backed home loan will soon receive letters notifying them of impending refunds of funding fees that were erroneously charged. The U.S. Department of Veterans Affairs (VA) normally charges such funding fees to Veterans applying for VA-backed home loans. However, an Inspector General audit of the VA identified thousands of instances where disabled veterans qualifying for exempt status being wrongly charged a funding fee.

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