Outsmart Banks with this Insanely Simple 2-Step Money-Saving Method
Choosing a VA refinance can seem complicated but it’s not as hard as some banks make it out to be.
There are two steps to picking the right VA refinance. In just minutes you should be able to decide which one is right for your situation.
Step #1: Cash or no cash?
Determine why you are refinancing. Are you considering a refinance only to reduce your interest rate? Or would you like to get cash-in-hand as well?
There are two different types of VA refinances to cover each situation.
Step #2 Pick Your Refinance
You only want to reduce your rate>> If you simply want to reduce your mortgage interest rate and lower your payments, consider a VA Streamline Refinance.
There’s no appraisal required, so your home’s current value doesn’t matter. You won’t need to provide paystubs, W2s or even bank statements to qualify.
If you have current or previous military experience, there’s a good chance that you have a VA loan and are eligible for this program.
FACT: According to a recent report from one of the nation’s largest mortgage software companies, VA loan rates are 0.25% lower on average than conventional loans!¹
There are very few simpler ways to save money than with a VA refinance.
You want cash at loan closing>> As your home increases in value, you can take that increased equity out as cash with a VA Cash Out Refinance.
For instance, if you owe $100,000 on your home, you could open a VA Cash Out Refinance for $150,000 and use the extra cash for any purpose.
You can open a new loan up to 100% of your home’s current value.
Home improvement, college tuition, or even a car or vacation – you choose how to use the funds.
There are a few extra steps compared to a VA Streamline Refinance, like getting an appraisal and proving your income. But this refinance is one of the quickest ways to get a large amount of cash by tapping into your home’s value. And you might end up with a lower rate to boot.
Banks Hope You Don’t Discover This Secret
Bankers don’t want you to know how easy it is to choose a VA refinance. They would rather hold the keys to cost savings and only open the doors they want to open.
But as a knowledgeable consumer, you choose the refinance program that’s best for your situation.
Banks also don’t want you to shop around.
According to ConsumerFinance.gov, mortgage consumers should get quotes from at least three separate lenders. Then, and only then, should you make a decision.
Fortunately there are ways to connect with multiple lenders at once. When consumers on this site complete a short one-minute online form, we examine their request and match them with lenders who offer the best rates and loan fees for their requested refinance.
Rates are some of the lowest in history. Get your rate quote and lock in before rates rise.
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