Home refinancing is a great way for veterans to save money on their monthly mortgage payments, get cash out of their homes, or shorten the term of their loan. However, with so many companies to choose from, it can be overwhelming to find the best option for your needs. In this article, we’ll take a look at the top home refinance companies for veterans.
Home refinancing is the process of replacing your existing mortgage with a new one. There are several reasons why veterans may want to refinance their homes, such as to get a lower interest rate, reduce their monthly payments, or cash out some of their home equity. Whatever your reason may be, choosing the right home refinance company is crucial.
There are many benefits to refinancing your home as a veteran. Refinancing can help you:
- Lower your interest rate
- Reduce your monthly mortgage payment
- Change the terms of your loan
- Cash out some of your home equity
- Pay off your mortgage faster
- Switch from an adjustable-rate to a fixed-rate mortgage
VA Streamline Refinance
The VA streamline refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), is a popular option for veterans. This type of refinance allows veterans to lower their interest rate and reduce their monthly mortgage payment with little to no out-of-pocket costs. To be eligible for a VA streamline refinance, you must have an existing VA loan and be current on your mortgage payments.
A cash-out refinance allows veterans to tap into their home equity and receive a lump sum of cash. This can be useful for paying off high-interest debt, funding home improvements, or covering unexpected expenses. Keep in mind that a cash-out refinance will increase your mortgage balance and monthly payment.
A rate-and-term refinance allows veterans to change the terms of their loan without taking out any cash. This can include getting a lower interest rate, shortening the term of the loan, or switching from an adjustable-rate to a fixed-rate mortgage.
Choosing a Home Refinance Company
When choosing a home refinance company, it’s important to consider factors such as interest rates, fees, customer service, and reputation. You should also make sure that the company you choose is experienced in working with veterans and understands your unique needs.
Best Home Refinance Companies for Veterans
- Veterans United Home Loans
- Navy Federal Credit Union
- Quicken Loans
- Rocket Mortgage
- J.G. Wentworth Home Lending
- NewDay USA