In Pittsburgh, VA loan specialists are offering the new VA Streamline Refinance Program to qualified veterans and active military personnel looking to refinance their homes at a lower rate. Unlike with other VA Loans, there are no income limits or credit score requirements; as long as you have owned your home for at least three years and it is your primary residence, you can take advantage of this program! For more information about the Pittsburgh VA Home Loan program or the VA Streamline Refinance Program, please get in touch with us today!
How refinancing your VA home loan can save you money
If you live in Pittsburgh and have a VA home loan, don’t hesitate to explore how refinancing your home can save you money. The U.S. Department of Veterans Affairs has provided millions of dollars to veterans looking to purchase their first home, but did you know that many veterans could save hundreds or even thousands on their monthly payments? Many VA borrowers aren’t aware that they qualify for lower rates and larger loans through refinancing with a private lender like Homeway Lending LLC; over 11 million veterans have already done so! That’s why it’s essential to take advantage of available resources like the VA Streamline Refinancing Loan program.
When is it time to refinance?
When you get a VA loan, it’s not unusual to think that your mortgage rate can never be lower. However, depending on what’s happened with interest rates over time (or how many months you’ve been in your home), you may be able to find a more favorable rate and save some money. Locking in a fixed-rate VA loan will also protect you from any future changes in market rates. If you’re considering refinancing your VA home loan, it’s important to know when it makes sense to refinance or not to refinance. Let’s start by looking at whether refinancing is right for you. The first thing to consider is whether or not your current VA loan has an adjustable rate. With an adjustable-rate VA loan, if rates fall after you lock in, you’ll pay less than if they’d dropped before locking in; but if they rise after locking in, you’ll pay more than if they’d been increased before locking in.
How do I know if I qualify for a mortgage loan?
Streamline Refinancing. Get up to 5% Cash-Out at closing. No new credit underwriting is required! The VA streamline refinance is quick and easy. Streamline refinancing with the VA is a good idea if you are a veteran or active duty service member and want to lower your mortgage rate. Do some cash-out refinancing, convert from an adjustable-rate to fixed interest rate loan, pay off high-interest debt (such as credit cards), or consolidate debt into one loan with competitive terms. To qualify for VA home loans in Pittsburgh, veterans must have served during wartime and have been discharged under conditions other than dishonorable. If you don’t meet these requirements but still want to get pre-qualified for a VA home loan in Pittsburgh, please call us at 1-888-828-8091 or fill out our online contact form today!
What should I consider when buying or selling my property?
When considering a VA home loan for refinancing, there are some factors you should consider. First and foremost is your debt-to-income ratio or DTI. To find out your current DTI, you’ll need to go through each of your monthly debt obligations, add them up, and divide that number by your gross monthly income. If you have a substantial amount of student loans and high credit card balances, you may have trouble getting approved for an FHA or VA loan. Also, if all of your income goes toward paying bills and outstanding debts each month, it’s hard to save money towards a down payment on a new home in most cases. If possible, pay off any large debts before applying for financing on a new home so that you can be approved faster.
Benefits of refinancing with the VA Streamline Loan Program in Pittsburgh
Benefits of refinancing with VA Streamline in Pittsburgh include no requirement for an appraisal, no minimum credit score requirement, and no income verification. If you have served or are currently serving in any branch of military service, you may be eligible to refinance your existing home loan through VA. Even if you have a bad credit history or have been turned down by other lenders, VA can help. They offer one of their most valuable benefits: The ability to refinance multiple times over a short time.
To learn more about how VA loans work, call our Veterans First Financial representatives at 1-800-731-2227. They’ll explain all of your options and answer any questions you might have about obtaining a VA Loan in Pittsburgh.