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Conventional – FHA – VA Mortgage Loans
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Benefits of a VA Home Loan:
Refinancing a VA mortgage (Veterans Affairs mortgage) can be a smart way to lower your interest rate, reduce monthly payments, or access home equity. The VA offers two main refinancing options: the VA IRRRL (Interest Rate Reduction Refinance Loan) and the VA Cash-Out Refinance Loan. Here's an overview of each option:
Benefits of an IRRRL Home Loan:
1. VA IRRRL (Interest Rate Reduction Refinance Loan)
This is the simplest and most common option for VA mortgage holders looking to refinance. It allows veterans to refinance an existing VA loan to a lower interest rate, potentially reducing monthly payments.
Key Features:
- No appraisal required (in most cases).
- No credit score requirements.
- No income verification.
- Lower closing costs than conventional refinancing.
- Can only be used to refinance an existing VA loan.
Steps to Refinance with VA IRRRL:
- Check Eligibility: Ensure you already have a VA loan and are current on your payments.
- Find a VA Lender: Federated Mortgage offers VA IRRRLs.
- Get a Quote: Compare offers to ensure you're getting the best interest rate and terms.
- Submit Documentation: Provide necessary documents like your current mortgage statement and proof of income (if required).
- Close the Loan: Once approved, you'll sign the closing paperwork, and the lender will pay off your current mortgage.
Refinance Your VA Mortgage
2. VA Cash-Out Refinance
This option allows veterans to refinance their existing mortgage (whether VA or non-VA) and take cash out of their home's equity. This can be useful if you need funds for home improvements, debt consolidation, or other financial goals.
Key Features:
- Up to 100% of your home’s value (meaning you could borrow more than the current mortgage balance, depending on equity).
- Ability to refinance both VA and non-VA loans.
- No private mortgage insurance (PMI) required.
- More documentation required (such as a credit check, appraisal, and income verification).
Steps to Refinance with VA Cash-Out:
- Determine Eligibility: You can use this option whether you have a VA loan or a conventional loan.
- Check Your Home Equity: Make sure you have enough equity in your home to qualify for a cash-out refinance.
- Find a VA Lender: Federated Mortgage offers VA Cash-Out refinancing.
- Submit Documentation: Be prepared to provide financial documents, such as your credit score, proof of income, and a recent home appraisal.
- Close the Loan: Once everything is approved, you’ll receive the new loan and cash out the difference (if any).
Benefits of a VA Home Loan:
Benefits of Refinancing a VA Mortgage:
- Lower Interest Rates: Refinancing to a lower rate can result in significant savings over time.
- Shorter Loan Terms: You can opt for a 15-year loan term, allowing you to pay off the mortgage faster and save on interest.
- Eliminate PMI: If you refinance a non-VA loan, you can eliminate PMI, reducing monthly payments.
- Access Cash: With a VA Cash-Out refinance, you can use your home’s equity for major expenses.
Considerations:
- Closing Costs: Even with VA loans, there are closing costs, but they are often lower than conventional loans.
- Eligibility Requirements: There are specific eligibility criteria, including military service history and financial status.
- Market Conditions: Interest rates may fluctuate, so timing your refinance is key.
Would you like to know more about how to apply to refinance your VA loan? Click the button below.
The Mortgage Process
Mortgage Interest Rates
Refinance and Purchase
Agree to the Interest Rate and Lock Loan
Once we make contact, we will discuss rate and terms. If you agree to these terms, we can then move to lock your rate in.
Submit Your Package To Underwriting
Now that we’ve agreed on rate and terms, it’s time to move on to underwriting. So, we will supply you with a document that describes all documentation we will need to get your file thru underwriting. The sooner you get those docs to us, the sooner you get approved.
Getting to the finish Line
OK so now you’re approved for a mortgage and it’s time to move toward closing. Whether you’re using our affiliated title company or an outside title, we’ll help you with scheduling and the final steps. Mortgage Interest Rates | Refinance and Purchase
Our Clients
"Rick was amazing! This was my first time buying a home so I was very anxious about the entire process. Rick was incredibly informative and patient with me, as I had PLENTY of questions. Truly, I thought this would have been a much more difficult process, but federated, and especially Rick, was incredibly organized and helpful. I never experienced any of the horror stories I’ve heard about home buying and would definitely go through federated for any other home I purchase."
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Highly likely to recommend
"Federated Mortgage Co. was an absolutely pleasant experience for me. While searching for the best options for me and my family on a refinance loan, I chose FMC because of their promptness in response to my to my initial inquiry and then the continued communication throughout the process. Closing took place at my residence at 8pm, so I didn’t have to miss a day of work. The best rate and the best service. Thanks again Federated Mortgage."
user8607414
Closed refinance loan. Milltown, NJ
Highly likely to recommend
"Contacted Federated initially for their low rates. Worked extensively with Justin Remp, to get the best rate available. Like many Real estate transactions these days, a few things went wrong, but Justin was right there offering information and advise, above and beyond what you would expect. Couldn’t have been happier with the communication and cooperation Justin and Federated provided. Justin also worked extremely well with my agent. After my closing, my agent told me what a pleasure it was to work with Justin, and he intends to recommend Federated Mortgage for future buyers looking for a lender. Thanks Justin for going the extra mile (or two)!"
user2278751
Closed purchase loan. Huntingdon Valley, PA
Highly likely to recommend