Mortgage FAQ: Can I Refinance into a VA Loan?
"I’M A VETERAN AND I RECENTLY FOUND OUT ABOUT VA LOANS. I CURRENTLY HAVE A MORTGAGE, BUT CAN I REFINANCE INTO A VA LOAN? AND IF I DO, WOULD I GET ALL OF THE BENEFITS?"
As long as you qualify for it—in terms of your eligibility as a veteran and your current credit/financial status—you can certainly refinance your current loan into a VA loan and reap the benefits. The benefits of a VA loan—which is a mortgage backed by the Department of Veterans Affairs—include refinancing up to 100 percent of your home’s value and not needing to purchase mortgage insurance, which is similar to the benefits you would get with a new VA purchase loan. Also, the VA refinance program allows you a cash-back option, with which you can tap into your home equity and get cash back at closing.
This is called a VA cash-out refinance and is one of the very few loans available that offers cash to the borrower with a loan-to-value ratio of up to 100 percent. As a simple example, if your home is worth $250,000 and the balance on your existing mortgage is $200,000, you can do a VA cash-out refinance and receive $50,000 (minus closing costs) at closing. As with any type of loan, a VA cash-out refinance has several requirements and limitations, so make sure to discuss your options with your mortgage professional before making any decisions.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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