Why Veterans Should Consider a VA Home Loan Refinance

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The VA Refinance Home Loan

One of the many benefits offered by the federal government for U.S. Veterans and active military personnel who have served the country, the VA loan program is administered by the U.S. Department of Veterans Affairs. Just like most other home loans, a VA home loan can be used to refinance a home. Commonly referred to as a VA Home Loan Refinance, these loans are available to all honorably discharged veterans, those that are engaged in active military duty, and their spouses.

The Department of Veteran Affairs is not a lender, it guarantees the money that is loaned by VA approved lenders. Because the government guarantees the money you borrow, you receive the benefit of no money down loans and in many cases a lower interest rate.

Refinancing Your VA Loan 

Many veterans will find that they can benefit from refinancing their current mortgage with a VA guaranteed loan. Today's VA refinance programs are designed to help meet veterans goals of consolidating debt, receiving cash out from equity or lowering their interest rate. Any VA approved lender should be able to help you refinance your home loan. The key is to know what they can offer and what they will be delivering to you that's worth your investment.

Helpful VA Refinance Resources 

Here are some links to resources Veterans may find helpful in researching VA refinance loans.
Loan Guaranty Service, Home Page
Home page for VA home loan services. Excellent resources.
VA Home Loan Refinance
Need to consolidate debt or lower your monthly payments? Veterans can refinance their VA home loan at DirectVALoans.com
VA Eligibility
An about.com article explaining VA eligibility requirements
Direct VA Loans on Facebook
Find more information on VA Refinance programs with DirectVALoans on Facebook.

Why Refinance? 

There are several reasons to consider refinancing your VA Loan. Perhaps you would like to lower your interest rate and save money over the long term. Maybe you would like receive cash out from your equity to do some home improvements or pay for your childrens college tuition. Possibly you would like to lower your monthly debt payments and consolidate your debt to make it more manageable. Any of these things are great reasons to consider refinancing your current VA loan.

VA Refinance Video by Direct VA Loans 

Veterans have many options when considering a home loan or refinance loan for their home. Tracy Lyons and Tim Lewis, with DirectVALoans.com, introduce us to some of the choices and tell us why it is important to choose the right VA Lender.

VA Refinance Benefits for Military Service Personnel


Better VA Home Loans from DirectVALoans.com


The VA Home Loan Experience

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Types of VA Refinance Home Loans 

There are several ways that you can refinance your VA loans.

  • VA Streamline Refinance: Also known as an Interest Rate Reduction Loan (IRRL) is possibly the veterans greatest mortgage tool. Qualified veterans can quickly refinance to a lower rate, switch from and adjustable rate to a fixed rate loan, or from a fixed rate to an adjustable rate loan. A veteran does not have to re-qualify for a VA streamline and in most cases an appraisal in not required. Most importantly, there are rarely any out of pocket costs for the veteran.

  • VA Cash Out Refinance: For the veteran with equity in their home, a VA cash out may allow you to put some of that money to work as needed. You may be able to use these equity funds to to make costly home improvements, pay college tuition, or enjoy a cruise around the world. It is your choice.

  • VA Debt Consolidation: Credit card debt, car loans, and home equity lines of credit can all carry high interest rates and make it difficult to manage your monthly payments. Veterans can consolidate these expensive obligations and combine them into one low fixed rate loan with a VA debt consolidation refinance.

  • Conventional Loan To A VA Loan: Veterans who do not currently have a VA loan, but meet the VA eligibility requirements, can refinance with a VA loan. If this is the case, then you should be able to refinance your current conventional home loan into a VA loan and take advantage of the many options that the VA home loan offers.

Suggested Reading 

Your Guide to VA Loans: How to Cut Through The Red Tape and Get Your Dream Home Fast

Your Guide to VA Loans: How to Cut Through The Red Tape and Get Your Dream Home Fast

by: David Reed

An excellent guide for walking veterans through the VA Loan process.

Amazon Price: $10.45 (as of 07/11/2009) Buy Now

21st Century Master Guide to Veterans Benefits and the VA - Compensation, Appeals, Disability, Medical Care, Insurance Programs, Plans for Families, GI ... Loan Guaranty (Book plus Two CD-ROM Set)

21st Century Master Guide to Veterans Benefits and the VA - Compensation, Appeals, Disability, Medical Care, Insurance Programs, Plans for Families, GI ... Loan Guaranty (Book plus Two CD-ROM Set)

by: U.S. Government

An incredibly comprehensive guide to Veterans Benefits. Includes forms, a binder, and 2 cd roms.

Amazon Price: $29.95 (as of 07/11/2009) Buy Now

The Military Advantage: A Comprehensive Guide to Your Military & Veterans Benefits

The Military Advantage: A Comprehensive Guide to Your Military & Veterans Benefits

by: Christopher P. Michel

What could I possibly add to this-

"The Military Advantage is the single best benefits resource for military personnel and their families. It's a must-read for anyone who has ever worn a uniform."

-- Jack L. Tilley, Sergeant Major of the Army (Retired)
Quoted directly from Amazon.com Editorial Reviews

Amazon Price: (as of 07/11/2009) Buy Now

Conclusion 

Veterans should take their time to consider all of the options, they may find that there are several ways to benefit from a VA home loan refinance. Whether it is to consolidate debt, take cash out, or to simply and quickly lower your interest rate it makes sense to discuss all of the options with you VA lender. You may save money as well as get more from your property when you consider your VA loan options.

Veterans Benefits News 

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By Eric Berman Five attorneys and students from Detroit Mercy Law School are in Indianapolis to help veterans get their pension and disability benefits. ...
House Passes Boost in Veterans' Spending
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Veteran Journal 

Veterans News and Benefits Information

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Your Thoughts 

Please let me know if you find the information regarding VA home loan refinance useful.
Thanks,
Keith

Lensmaster

xeract wrote...

Fantastic lens, I've rated it 5*. For those looking for an introduction into VA loan refinancing I'll sent them here. It's also suggested reading for anyone looking for military auto loans advice too.

ReplyPosted February 22, 2009

Lensmaster

EternalFlame wrote...

Very informative lens. Feel free to visit my new lens Everything About Easter . 5*

ReplyPosted February 11, 2009

Lensmaster

The information in the lens is great as I didn't know we could refinance with a VA loan ,Your concept is very much innovative and impressive as well.
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ReplyPosted September 15, 2008

Lensmaster

WorldTravelers916

good info i can show this to all my employees as a reference!

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ReplyPosted July 15, 2008

Lensmaster

triathlontraining wrote...

Great info! I didn't know we could refinance with a VA loan. Huh! 5*

ReplyPosted June 27, 2008

 
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