Overall refinance activity has progressively slowed as many borrowers have already taken advantage of historically low rates. However, many borrowers can still save money monthly by consolidating their high interest student loan or credit card debt into a lower interest mortgage.
VA Home Loans are not the only type of mortgage product we offer. Let’s compare and contrast the various home mortgage options and help you decide what’s right for you.
Benefits:
Best consideration if:
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Best consideration if:
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Best consideration if:
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Best consideration if:
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Best consideration if:
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While we specialize in VA Home Loans we can and will help you with the other loan products featured above. Call one of our experienced and licensed mortgage specialists today at: 1-844-MDM-4YOU or write: info@militarymortgage.com and let us help get you into the right mortgage for you.
Lower mortgage rates are just one part of the equation when assessing the benefits of a VA home loan. In fact, when you break it down in more detail, you’ll find rate, in and of itself, may not even be the most significant factor when getting this type of mortgage.
Some Number Crunching:
Getting a lower rate is always great and many people put off locking in a mortgage because they’re “watching the rate.” Well, you may want to re-think that strategy a bit as rate doesn’t always mean that much when you crunch the numbers. An eighth of a percentage point, on a 30-year loan, with a principle of $100,000 results in a difference of approximately $7 dollars a month. That’s the equivalent of a cup of coffee — every other week — from your local café. A little more than $80 a year may not be a significant factor when deciding on taking advantage of your VA Home Loan benefits, especially when you consider these other mitigating points:
Cash-out Refinancing
VA loan benefits go much deeper than just rate. There’s the option to take cash out, up to 100% of the equity in your home. These funds can be used to reduce high-interest debts, such as credit cards, or car loans.
Tax Implications
Home mortgage interest is also tax deductible, while other high-interest debts are not, resulting in significant savings at year’s end.
Term Reduction
For those who are able, term reduction can also occur. You can turn your 30-year mortgage into 20 or even 15 years, without a significant hit to your pocket.
Payment Deferral
The post-closing period, usually less than 30 days, will also result in a deferral of your first month’s payment. Who couldn’t use a month, mortgage-free?
Bottom line here: don’t focus solely on rate when deciding to take advantage of your VA home loan Benefit there are several other cost saving advantages that you could benefit from. If you have any questions or would like to speak to a VA Loan Specialist, call us today at 1-844-MDM-4YOU or email us at: info@militarydirectmortgage and we’ll help you see the bigger picture when it comes to a VA home loan.
Turn your home equity into cash with our VA refinance programs.
VA Streamline (IRRRL) Refinance – A Streamline Refinance allows veterans who currently have a VA Loan to refinance into a lower interest rate, reducing monthly mortgage costs. Streamline refinance loans are pretty hassle free as they offer minimal paperwork and often require little-to-no out of pocket costs. VA borrowers can roll some of the closing costs into the total loan amount and homeowners can obtain this type of refinance without an appraisal, which is a big cost savings benefit.
Cash-Out Refinance – The other popular option, known as the Cash-Out Refinance, allows borrowers to tap into their home’s equity and use it as cash. This type of refinance is available to any qualified veteran homeowner, regardless of what type of mortgage they currently have. Take advantage of 100% cash option.
Questions? We’re here to help! Call us to talk to a loan officer directly 844-636-4968
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