We encourage
VA Home Loan borrowers users to use the free NMLS Consumer Access Link to confirm that
any mortgage company or mortgage professional with whom they wish to conduct business is authorized to conduct
VA mortgage business in their state.
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VA 'Get Cash
Out' Refinance Guidelines
The Veterans Administration (VA) has evolved
to fit the ever-changing needs of borrowers since
its beginning in 1934. More lenient on credit guidelines
than conventional lenders, VA-insured loans have
helped millions of families to refinance those mortgages
to decrease their interest rates and monthly payments,
and to pull cash out for personal reasons.
Most people have some money tied
up in the equity of their home. To get access to
this money you can refinance your home for actually
more money than you currently owe on your home -
this is called "cash
out refinance".
This is a great way of consolidating debt, finance
home improvements or pay for college. Or make an
investment, take a vacation, buy a new car, whatever.
With an
VA Cash Out mortgage, you refinance
your home for more than you owe, and 'pocket the
difference'.
Cash-out refinances closed after
April 1, 2015, are limited to
85 percent of the property's LTV.
An VA Cash
Out Mortgage
refers to the refinancing of a loan where a home
owner can borrow money on the equity in their home.
By 'cashing
out'
on some of your homes equity , you can obtain cash
on the value of your own home to pay off debts,
upcoming expenses or any reason you wish.
This refinance can usually provide you with a better
mortgage interest rate that will save on your monthly
mortgage payments during the loan.
And it's all tax-deductible!
Although an
VA Cash-Out Refinance Loan may appear similar
to an equity loan, it is actually quite different.
An equity loan is an additional loan. With a
cash-out refinance mortgage, you are actually
replacing your existing mortgage with a new (and
quite often better) one.
Apply Online
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VA Loan Information
The VA does not lend money.
The VA (Veterans Administration) is part of HUD &
backs individual Approved
Lenders.
Our responsibility is to help you find the best VA Approved Lender who can help you secure financing.
When
you fill in our short application we will provide your
information to one, (and
only one) VA Approved Lender who can help you based upon
many factors, including your Credit
Score, your State
Location, and the Type
of Loan you apply for. Our responsibility
is to help you find the best VA Approved Lender who can help you secure financing.
Note: We
are not affiliated with the Veterans Administration, the Department of Housing
and Urban Development, or
any other government agency. We are an VA Educational
Resource.
Read
more
VA News & Information
Last week's drop in interest rates sparked a surge in purchase mortgage application volume for the first time in over a month.
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