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Veterans’ Loans, Mortgages And Refinancing
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Veterans have a special place and deserve a special respect. Towards this end the United States government has formed the United States Department of Veterans Affairs which is a military benefit system run by the United States government for the veterans; managed by the United States Secretary of Veterans Affairs. As part of the benefits, the Department of Veterans Affairs provides home loans, life insurance, vocational, rehabilitation, survivors’ benefits, medical benefits, education and pension benefits among others.
The veterans loans or the VA home loans have been quite popular and have helped thousands upon thousands of military personnel to get into affordable homes. If you are qualified to take out a VA home loan, you should seriously consider doing so as there are many benefits of availing a VA loan such as no down payment needed as the veterans loans finance the entire amount of the purchase price of your home; also, no private mortgage insurance required; in addition, even the minimum income requirement is also relaxed. Other benefits also include lower interest rates and no prepayment penalties. With their low interest rates, relaxed qualification standards, no down payment requirements and private mortgage insurance needed, VA home loans are exceptional deals for the people who are qualified to receive them.
The VA streamline refinance (IRRRL)
An IRRRL is the VA's Interest Rate Reduction Refinancing Loan program and is referred to as a VA Streamline Refinance. With this loan, you refinance your existing VA mortgage into a new VA loan with a lower interest rate. Or if you have an adjustable rate mortgage you can replace it with a fixed rate loan. In order to qualify for an IRRRL, the VA requires that if you already have a fixed rate you should only refinance to a lower rate. But if you have an ARM (adjustable rate mortgage) you can refinance to a fixed rate even if it doesn't lower your interest rate.There are many brokers/banks that offer a VA streamline refinance. But there is a wide variety in the quality. You should look for low lending fees and no origination fees on VA loans.
VA mortgage ratesand refinance
Because of adjustable rate mortgages you may have an initial lower interest rate than a fixed rate mortgage for the first few years, but after the initial period your interest rate will adjust and you could be paying higher payments than you would with a fixed rate mortgage. The VA recognizes this and wants to encourage stability. Hence the VA mortgage rates are much lesser than the open market rates. Usually Private Mortgage Insurance (PMI) companies guarantee conventional home mortgage loans - those that are not guaranteed by the government.The PMI charges a fee for this, however, the VA insures a loan at no cost to a veteran buyer (other than the VA funding fee).
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