RE-FINANCING FAQ

Refinancing your home may not be your favorite thing on your “to-do” list to tackle, but the fact is that it may be the most impactful. Refinancing to a more favorable term or lower interest rate can save significant amounts of money over the life of your loan. Or, changing your financing can free up the cash you may need in pressing situations, like renovations, college tuition or unplanned home repairs. Luckily, Veterans Lending Group is here to assist you with refinancing your home!

STILL HAVE QUESTIONS?

CONTACT US

WHAT IS RE-FINANCING?

Refinancing is when you pay off one loan with the proceeds from a new loan using the same property as security. This may be done to receive more favorable rates, lower payments, or a decreased term. It may also be done to receive additional cash.

I WANT TO STABILIZE MY PAYMENTS WITH A FIXED RATE

If your existing mortgage has an adjustable rate and you’re looking for the security of a loan payment that won’t change as rates change, then refinancing to a fixed-rate mortgage might be right for you.

I WANT A RATE THAT MAY BE LOWER INITIALLY OR COULD DECREASE DURING THE TERM

If circumstances have changed and you don’t plan on living in your home long term, refinancing to the terms of an adjustable-rate mortgage might be right for you

I HAVE A VA HOME LOAN

If you’re a veteran with a VA loan, then a VA Interest Rate Reduction Refinance Loan (IRRRL) can help you lower your existing interest rate by refinancing your VA home loan, or convert from a VA Adjustable Rate Mortgage to a VA Fixed Rate Mortgage.

I LIVE IN A RURAL AREA AND CURRENTLY HAVE A USDA HOME LOAN

If you currently have a USDA rural home loan, you may be eligible for a USDA Streamline Refinance which can help lower your interest rate and monthly mortgage payments.

I CURRENTLY HAVE AN FHA HOME LOAN

If you already have an FHA home loan, you may be able to obtain an FHA Streamline Refinance or FHA cashout refinance. You can lower your monthly principal and interest payments and convert your adjustable rate mortgage to a fixed rate mortgage.

I THINK I'M UNDERWATER WITH MY CURRENT MORTGAGE

If you are lacking equity or are underwater, meaning you owe more money on your home loan than your house is worth, the Home Affordable Refinance Program (HARP) may be right for you. HARP may help reduce monthly payments, change terms of your mortgage and stabilize payments with a fixed rate.

Found your dream home?

READY TO BUY?