New lending rules passed by Congress and signed into law by President Donald Trump in May could impact homeowners looking to refinance their VA home loan. Known as the Economic Growth, Regulatory Relief, and Consumer Protection Act, the law changes the legal code, which has a direct impact on how mortgages are processed and approved. So, what exactly does this mean for eligible active-duty service members, veterans and surviving spouses? Let’s take a look at some of the changes: The … [Read more...]
Lower Your Interest Rate with a VA Loan Refinance IRRRL
One of the least understood home loans options offered through the VA is the Interest Rate Reduction Refinance Loan, or IRRRL. An IRRRL can lower your interest rate by refinancing your current VA home loan. Here are just a few facts about an IRRRL: No appraisal or credit check is required Closing costs can be rolled into the new loan Any VA lender can perform an IRRRL, however many don’t IRRRL’s are not available for cash-out refinances No impact on your VA entitlement for … [Read more...]
Is a VA refinance right for me?
There are many benefits to refinancing your home: lower interest rates, pulling cash out, paying the loan off faster. But refinancing with a VA loan adds much to the equation. Even as interest rates continue to rise, it’s still a good time for veterans to buy or refinance a home. It’s important to note that the VA is not a direct lender, but instead guarantees loans from lenders like us. If you’re eligible for a VA loan (see requirements here) here are some of the most important things to … [Read more...]
