The Loan Guaranty Scheme of the Department of Veteran Affairs of the United States Government has helped millions of veterans get the home of their dreams even they don’t have the necessary finances. The state of Arizona has a considerable population of veterans and a large number of them own a home with the help of VA loans. However, there are a number of veterans in Arizona who have a conventional mortgage on their property. Often, they have the question that whether they could refinance their existing conventional loan into a VA loan. In the following post, we would be looking at the possible answers to the question. To the average veteran in the United States Armed Forces there are two types of refinance options available from the VA. One is the VA Interest Rate Reduction Refinance Loan (VA IRRRL), also known as VA Streamline Refinance and the other is the VA Cash -Out Refinance Loan. The VA IRRRL can only be used to refinance an existing VA Loan. So if you want to refinance your conventional, non-VA home loan in Arizona, then the only option available to you would be to take a VA Cash-Out Refinance Loan, as it would be available to you irrespective of the ‘nature’ of your existing home mortgage loan. The VA Cash-Out Refinance Loan is a good option for veterans who want to refinance their loans as it does come with several advantages. For example, you do not have to pay for any Private Mortgage Insurance (PMI) for such a loan. If you would like to know more about the benefits of VA cash out refinance, then you can always get in touch with a VA loan consultancy. If you want to know about the options you have when it comes to refinancing your VA Home Loan in Arizona, then VALoansFinance.com is one of the leading VA approved lenders in Arizona, offering services in areas like Tucson, Phoenix, Mesa, Scottsdale, Glendale and others. They also offer you expert advice, which makes the entire process of getting a VA Home Loan Arizona, a whole lot easier. So, if you want to refinance your existing conventional home loan or VA home loan, with a VA refinance loan, then get in touch with the real experts today!
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The VA home loan program aims to help veterans finance home purchases at rates of interest lower than that of other mortgage loan types. In the case of VA housing loans, the term ‘veterans’ refer to active duty service personnel, certain category of spouses and members of the Selected Reserve. Though the benefits of the loan are immense, the payment of mortgages really brings out the worried family person in us. Medical problems, loss of employment means, unexpected financial losses and intensive splurging over a particular event, somehow adds to the financial issues. The VA Guaranteed Home Loan program aims to offer financial counseling to holders of the VA mortgage so that it becomes easier for them to make payments. Many ways could ease your mortgage payment troubles. For a veteran or a serving military professional, it is very important to get in touch with the right professional experts in VA loans for help in mortgage related issues. Visiting a bank or your chosen lending institution is the first step that you should take to alert the concerned people about the difficulty that you have been facing. The VA loan experts in the bank would be able to chalk out an appropriate repayment plan so that planning your mortgage payments become easier. An honest discussion will enable them to help you out with your problem. Once a repayment scheme has been established, all you have to do is stick with it. Another way of handling the mortgage payment problem would be to go for loan modification. Your bank might just be lenient enough to offer you a ‘restructure’ option. In this method, your bank would probably allow you to roll the missed payment into the final balance amount. Once done, you would just have to reassure your bank that you would be able to make the future repayments without any difficulty. In a crisis, your bank might ask you to sell your home off. If you do so, you would be saved from featuring a foreclosure on your record and that would be beneficial for you in future. For those who would rather not take this route, A Deed-in-Lieu of the Foreclosure Agreement to the mortgage service will help in avoiding the hassles of a legal foreclosure process. In other cases, your bank may introduce you to a VA IRRRL. Citizens of US war veterans or servicing military people are up for some really good news. The Veteran Affairs loan which initially started out as a simple initiative by the Department of Veteran Affairs to ease the lives of US citizens employed in the armed forces, has today become a highly talked about and enquired government policy that has transformed many lives for the better. Today, by virtue of several online forums and VA loan consultant services, people have become aware of the underlying advantages of these beneficial schemes.
However, same is not the case with borrowers who have used the VA loan before. They may have a little or nothing of the entitlement remaining, when the time for making another VA purchase dawns. So, what can a borrower do in such a situation? The borrower will simply have to apply for a restoration of the entitlement before seeking a new loan.
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