Welcome to Home Refinancing Guide
Home Refinancing Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Home Loan Refinancing Tailor Made For American Veterans
from:The US government offers VA home loan refinancing options for veterans who need refinancing help. Some of the qualifications for veteran home loan refinancing are:
• That you have served in World War II, Korean War, Viet Nam, or the Persian Gulf war.
• You served on active duty for at least 3 months
• You were not dismissed due to dishonorable conduct
• If your service was less than three months but you were discharged because of a disability you may still qualify for a VA loan.
Currently the Veteran Affairs Department is offering three types of home loan refinancing.
The first type of home loan refinancing is for veterans who currently have a VA loan.
VA Streamline Refinance – is designed for veterans who feel they cannot manage the higher interest rates. By choosing an Interest Rate Reduction Loan, or IRRL, they can lower their interest rates. This type of home loan refinancing plan will also save veterans from closing costs without having to take money from their own pockets to do it. Veterans do not have to obtain an appraisal on their home, pay monthly home insurance premiums, or worry about credit ratings and income qualifications. However, a .05 percent fee will apply to offset all reductions in interest.
The second type of home loan refinancing will provide you with much needed cash to pay bills, medical expenses, repairs on your home, or any other reason imaginable. With the Cash out or Debt Consolidation Refinance plan, you can take out as much as 90 percent of the equity accumulated on your home. You do not have to maintain monthly insurance on your home, nor do you have to pay any closing costs directly from your pocket. There is a ceiling of $417,000 on the loan and any loan of more than $250,000 will require a substantial amount of equity on your home. To qualify for your cash out or debt consolidation loan you must meet the income and credit standing requirements.
The third and final type of home loan refinancing is a conventional to VA Refinance plan; in this case you do not currently have a VA loan but want to switch over to one through refinancing. There is a 2.15 percent fee for opening this loan but it can be absorbed into the loan if you do not have the funds to cover it. Again, veterans do not have to worry about a mortgage insurance on your home, closing costs will not be expected to come out of your personal funds, veterans can borrow up to 90 percent of the total value of your home, and you can still qualify for lower interest rates without having a perfect credit rating.
Veterans are encouraged to check out the options in detail provided by a VA mortgage loan specialist.
Warning: file(http://www.searchfeed.com/rd/feed/TextFeed.jsp?trackID=&pID=&cat=Home+Refinancing&nl=5&page=1&excID=) [function.file]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found
in /home/petermoo/public_html/debtdesolve/home/datas/searchfeed.php on line 8
Home Refinancing Specific links
Home Refinancing News
Increase in loan refinancing nationally hasn't hit home
ZANESVILLE -- Applications for refinancing home loans, bolstered by some of the lowest borrowing costs in 20 years, are up for the fifth straight week nationally, according to a weekly survey conducted by the Mortgage Bankers Association.
Read more...Refinancing applications at 15-month high
Applications for mortgage refinancing hit a 15-month high last week as interest rates remained near historic lows, a mortgage bankers' group said Wednesday.
Read more...U.S. housing value down at least $4 trillion
If you've recently had your house reappraised for sale or refinancing, and wonder where the equity went, consider this: Since the real estate boom ground to a painful close about 31/2 years ago, the nation's housing stock has shed from about $4 trillion to $7.1 trillion in value.
Read more...Record-low rates spur boom in refinancing
For anyone under the age of 57, mortgage rates are now the lowest they've been during your life. This fact isn't lost on a growing number of homeowners who have started a new wave of refinancings.
Read more...Raising a credit score requires fiscal awareness
Q: I am looking to buy my first home, but my credit score isn’t good and there is negative information on my credit report. I’ve made some errors in judgment. How can I increase my credit status to the point where I can purchase my first home?
Read more...