How Can Veterans Take Advantage Of Their Loan Options?

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Posted by admin | Posted in military, va loans | Posted on 26-09-2013

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A veteran home loan is available through the Department of Veteran Affairs. Anyone and everyone who has served for the U.S. military and has had an honorable discharge or who is still enrolled in the military has the ability to access Veterans Affairs (VA) loans for buying a home.

The loan application process is a little different from the standard process for a loan. This is because the government wants to ensure that the home is in good standing. As a result, real estate agents who specialize in VA home loans are the best ones to work with. They will be able to provide assistance when searching for homes that will meet the government’s requirements.

The application process is pretty straightforward. A person will need to be able to prove they served in the military. They will be able to take advantage of the loan option on more than one occasion, as long as they do not currently have another home that has been purchased with the VA.

It’s important to identify one’s self as a veteran from the very beginning in the home search. This will ensure the real estate agent begins guiding the person toward the right homes. Additionally, the agent can find a lender that specializes in veteran home loans in order to get pre-approved. In many instances, a veteran will be able to tap into better interest rates than the average American can – and this is yet another reason to look into this loan option.

The first step is contacting a real estate agent that works with military families and veterans. They will be able to get the process started. From there, a lender will be able to tell a veteran how much they are able to afford based upon their credit and their disability status.

The Benefits of Doing a VA Streamline

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Posted by admin | Posted in va refinance loans, va streamline | Posted on 17-04-2013

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Serving your country in the Army, Navy, Air Force or Coast Guard, has its benefits. Among these benefits are loans with low interest rates, designed exclusively for US military veterans and, in some cases, their survivors. Such loans can help to ease some of the burden of a high house payment and even provide funds for energy-saving home improvements.

What is a VA streamline loan?

A VA streamline loan (otherwise as an Interest Rate Reduction Refinance Loan–IRRRL) is a loan allows qualifying veterans to refinance their primary VA home mortgage loan to reduce the interest rate and thus their monthly house payment.

Benefits of a VA streamline loan

VA streamline loans have a number of benefits. Just a few of these are:

  • No out-of-pocket funds are required. Closing costs can be folded into the mortgage loan.
  • No appraisal or credit underwriting package is required for an IRRRL, although you do need to be current with payments on your existing home mortgage loan.
  • Money for energy-saving home improvements. You can add up to $6,000 to your VA streamline loan for qualifying energy-saving home improvements, such as a new furnace, a new water heater or new windows.
  • You can refinance an ARM loan into a fixed rate loan. Although your initial payment may increase in this case, you’ll pay less interest over the lifetime of the loan. Plus, there’s not uncertainty about what your house payment will be in the future.
  • Quick processing times. Because VA streamline loans require much less paperwork, you’ll have an answer much more quickly than with a traditional mortgage loan.
  • No PMI. Private mortgage insurance is not requires with VA loans.

A VA streamline loan isn’t right for every veteran or every family. However, the many benefits offered by these loans make it something you’ll want to consider if you’re planning to refinance your existing VA home loan.

Is Now the Right Time for a VA Mortgage Loan?

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Posted by admin | Posted in va loans | Posted on 21-02-2013

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VA mortgage loans help veterans to purchase or refinance a home by offering low cost loans to qualified veterans. A VA loan is also one of the only loans available that does not require the home owner to put up a down payment at signing. This means that a VA loan offers 100% financing, translating to few initial costs for the buyer, which means you could be on your way to owning a home sooner than you think. VA loans also do not require monthly mortgage insurance, which adds up to a huge savings. Interest rates are also lower because the mortgage is guaranteed by the federal government, which means less risk for the lender.

Clearly, VA mortgage loans have many advantages over conventional loans, but the real question is if the right time for you to take advantage of this offer is now.. One thing to consider is owning a home is much less expensive than renting. In most locations you can get more space for the same price you would be paying than if you rented a home. Secondly, the money that you pay each month towards rent is simply gone. You have no more claim to that property than if you had not been there at all. Money spent toward a mortgage is an installment paid towards something you will eventually own someday. The sooner you take advantage of VA mortgage loans and start paying towards home ownership, the sooner you will own your own home.

Clearly, now is the right time to take advantage of the low costs and low interest rates your VA mortgage loan gives you. Take some time to fill out the loan application, and be on your way towards home ownership today.


Lowering your VA loan rate at Quicken Loans

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Posted by admin | Posted in va refinance loans, va streamline | Posted on 13-11-2012

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Quicken Loans is one of the top providers of VA loans. However, many borrowers are unaware that the rate on their VA loan from Quicken Loans can actually be lowered. Using a process known as VA streamline refinance, you can reduce the rate on your Quicken VA loan and lower your payment permanently.

What is VA Streamline Refinance?

VA streamline refinance is a refinance process intended to allow veterans with VA loans to lower their interest rates with minimal effort and little to no expense. Because the approval process requires so little paperwork and verification, VA streamline refinance is available only to veterans who have previously qualified for a VA loan. You can complete a VA streamline refinance with any lender, including the one who granted you your original loan.

Benefits of VA Streamline

When you obtain a VA streamline refinance, you don’t have to go through the usual underwriting process. Most lenders will complete the approval without asking to see your paychecks, employment verification, tax returns or bank statements. In addition, many VA refinances will allow you to skip one or two monthly payments while the changes to your loan are completed, and the costs to complete the refinance are much lower than the costs required for a conventional refinance. Finally, when you complete a VA streamline refinance, your previous lender will cash out your escrow account balance and send you a refund check.

How do I Obtain a Streamline Refinance?

If you have a VA loan from Quicken loans, you can complete either a Quicken VA streamline refinance or a streamline refinance from another lender. Simply contact the lender of your choice and request an application. Though some borrowers choose to complete the streamline refinance process with Quicken Loans, Quicken VA loan rates can be lowered by other lenders as well. In fact, some lenders may be able to offer you a lower VA streamline refinance rate than Quicken Loans can.

Final Thoughts

As with any mortgage refinance, you should research your options carefully before making your final decision. Obtain quotes from several lenders, and make sure to ask about the closing costs. It can be tempting to accept the first offer you receive, but this isn’t always the smartest choice. Take your time, compare the offers from several lenders, and you will be able to determine the best course of action for your VA streamline refinance.

All About VA Hybrid Arm Loans

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Posted by admin | Posted in va hybrid arm loan, va loans, va streamline | Posted on 29-10-2012

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US veterans and active service personnel looking to refinance their homes owe it to themselves to check out a VA streamline loan. This program, available to United States veterans, retired military, active military personnel and surviving spouses of US military members, usually offers the most attractive financing and terms.

What is a VA Streamline Loan?
VA Streamline loans are available from private lenders all over the United States. These types of loans have a number of advantages. Since they are backed by the US government, the risk to the lender is less than with a traditional loan. Therefore, they can offer lower interest rates with a streamline loan. Closing costs for these types of loans are kept to a minimum and can be rolled into the loan. Usually, it takes much less time to get a decision on a streamline loan that a conventional loan–sometimes you’ll know within hours of completing your application.

What is a VA Hybrid ARM Loan?
A VA hybrid adjustable rate loan (ARM) is one of the many types of loans offered under the streamline program. These loans start with a low interest rate which then adjusts to current market conditions at set intervals during the course of the loan. Although these types of loans have gotten a lot of bad press, they are still a good choice for families that plan on staying in their home a relatively short period of time–say, five years or less. Many military families fit this model.

Of course, it’s important to fully understand the terms of any financial transaction and a VA hybrid ARM loan is not right for everyone. Still, it offers a way for many, young military families to afford to own their own home.

Veterans and Military in Nevada Can Save Hundreds Every Month: No Appraisal or Fico Score Needed

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Posted by admin | Posted in va loans | Posted on 12-10-2012

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Nevada is an extremely important state for our national military operations. Thousands of military servicemen and women are employed at the Creech Air Force Base, Hawthorne Army Depot, Nellis Air Force Base and at the Naval Air Station Fallon. They work hard to keep our country safe and deserve financial support. The Nevada VA Streamline is very helpful in lowering their monthly living expenses and giving them the financial support that is necessary.

What is the Nevada Streamline?

The NV VA Streamline is a refinance program designed around the financial needs of our active military and retired veterans. It gives them a way to simply lower their monthly financial burdens so they will not have large expenses to worry about. There are only a few requirements to be approved. They must have a VA mortgage loan that is older than 90 days. Their monthly payments must not have been over 30 days late for the past year.

How can this refinance lower monthly mortgage payments?

Many mortgage loans that Nevada veterans and active servicemen and women currently have contain high interest rates. Usually they pay out hundreds of extra dollars every month because of this. The NV VA Streamline puts an end to them having to pay all that extra money just because their interest rates are too high. Our country’s interest rates are now the lowest they have ever been in decades.

Appraisal and fico scores are not considered in loan refinance

Many Nevada Veterans worry about the appraisal of their home because they owe more than what it is worth. Their loan is upside down. They also worry about their fico scores not being high enough to qualify. When refinancing under the NV VA Streamline, there is no need in even thinking about this. There will not be an appraisal. No value needed on VA Streamline. The fico scores will not be considered in determining approval.

What about personal debt and job status?

Personal debt is not calculated when refinancing. It does not matter what you owe. Delinquencies, judgments, other loans or taxes owed do not count against the Nevada veterans and are not considered. There will be no employment verification either. It is not considered.

How much money is needed at the closing of the loan?

It is not necessary to bring any money to the closing for closing costs. Expenses can be rolled back into the loan when refinancing.

Quick and easy to refinance

The Nevada VA Streamline refinance loan program is quick and easy. It was designed so that our military can lower their monthly financial obligations and enjoy the ease of life a little more. Within minutes, service men and women and retired veterans can be approved quickly and easily. Since there is already a current loan on the home, there is no need to supply the lender with mounds of paperwork.

Nevada veterans can rest assure that they can now enjoy their homes without paying a lot on their high interest rates. It is time for America to give our servicemen and women some peace of mind.

Support of the U.S. Military

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Posted by admin | Posted in military, va refinance loans | Posted on 28-08-2012

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I support the U.S. Military because it’s a necessity, they are the protection and strength of the United States, without them we would be defenseless and in jeopardy as a nation; whether it be from “our” enemies or natural disasters. The individuals who serve are selfless and dedicated, always on stand-by ready to act.
I was in the Vermont Army National Guard for 6 years, my husband was in the VTARNG for 3 years, and my dad has been in the VTARNG for 24 years (he was also in the Navy for 3 years) and is currently the FSGT of his unit. So, I personally know the sacrfices made by families and individuals, I’ve been in both places of the soldier and the daughter.

If I won the $1000 Home Depot card, I would get new baseboard for my walls, I would fix a big hole in my bedroom wall caused by a puppy digging at it (it’s been there for 5 years), I would get a new vaccuum, I would redo my closet, get shelving for my basement, replace the 40 year old toilet in my back bathroom that struggles to work, and replace my water damaged floor in the kitchen. Trust me it would be put to good use on plenty of necessary upgrades.

Use a Streamline with the VA to Save Money

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Posted by admin | Posted in va refinance loans, va streamline | Posted on 13-08-2012

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Being in the military is not an easy job. There is always the possibility of being deployed to serve the country. When people military personnel are deployed they leave behind family, friends, finances, and many other things. Family and finances have a way of being put together. When times are tough the family has to work hard at conserving money week by week. When one spouse is on active duty it becomes even more critical that ways be found to save money by cutting expenses.

One of the biggest areas to save money is the area of a home mortgage. A home mortgage can easily consume around 25% of a household income. To lower the payment a smaller interest rate must be found. The VA has made it easy for active and discharged personnel to lower their interest rate and save money. The program involved is called a streamline loan.

Current home owners can use a streamline with the VA to save money. There are certain conditions that have to be in place for the process to be approved. One is the applicant must already have a loan through the VA. They have to be current with mortgage payments and there needs to be equity in their home.

It really does not matter what kind of VA loan is currently in place. The mortgage can be an arm or a fixed rate loan and can still be refinanced. By putting in place a lower interest rate the home owner can certainly see the savings start rolling in on the next mortgage bill. The big question to ask is, “What will I do with all the extra savings?” To answer that question start the process today and refinance your mortgage using a VA streamline loan.

Free Home Security For Families Of Deployed Troops

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Posted by admin | Posted in military | Posted on 07-06-2012

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Each and every day, a family is separated because of war and the need to protect the country. Thousands of troops kiss their children and their spouses all year long to leave to different cities and different countries because that is what the military requires. They are compensated for the work they do, but what about the families?

All of the families who have a member in the military are left with a family member down. They have lost their guardian and their protector. This is the opportunity that many criminals are waiting for in order to strike. Family members who have someone in the military shouldn’t be penalized for protecting their country and yet every day they are penalized.

The best that we can offer is a free home security system or alarm for families who have deployed troops. This way, the family members are protected against possible home invasions and they can get a better night’s sleep. It will never take the place of a loved one inside the home but it offers an additional peace of mind to the family members who must stay behind while a soldier fights to save his or her country.

Deployed troops have it hard. They don’t always get to see their families. They send letters and chat over the computer – when given the opportunity. Some of the troops may only get to spend weeks with their kids and their spouses. It’s not fair. There isn’t any other job in the country that has the same hardship and yet the troops are very undercompensated.

If they could receive a free security system for their home, the military troops could get another level of compensation. Having the security system on the home not only protects their home and their family but also helps to save them money.

How does it save money? Homeowners insurance is something that almost everyone has to pay for. One of the ways to reduce this insurance is through the installation of a security system. Thus, offering a free system to the deployed troops protects their home and reduces their insurance costs.

There is nothing like having to kiss family members and wish them well and then go out into the trenches for months on end. Some troops, depending on where they are deployed, aren’t able to make it home for over a year. Kids grow up in front of them and they see it only through photographs. Kids don’t recognize mom or dad when they come home because it’s been so long.

It’s not fair and yet there’s nothing that we can do about it because that’s part of military life. Or is it? While we cannot bring our troops home sooner, we can at least attempt to keep their families safe.

If they can keep our country safe, then we can keep them safe with free home security systems. This way there will be no burglars, no thefts and no break ins to worry about. An alarm will sound if something should happen and scare off any potential threats. Even if they aren’t scared off, it will alert the family that something is wrong and sent out signals to the monitoring company.

Families in the military have it rough. If everyone doesn’t get to live on base then they should be rewarded in some way for having to deal with the loss of a family member throughout the year. Soldiers don’t want to leave their families unprotected, so with a security system installed, they can march on knowing that they are leaving their families in good hands.

Military Servicemen and Women Can Streamline their USAA VA Loans

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Posted by admin | Posted in va refinance loans, va streamline | Posted on 18-05-2012

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USAA has sold thousands of VA loans with low interest rates. They are very experienced and have helped many homeowners find a loan that is great for their financial needs, especially when they have veterans who want to refinance with a USAA VA Streamline.

VA Streamline

A VA Streamline loan offers many benefits that do not apply to civilian homeowners. Only veterans and active military servicemen and women can qualify for this money saving refinance. Streamlining your USAA VA loan is easy and fast.

Benefits of a USAA VA Streamline:

1. Refinance 100 percent of your VA loan.
2. No employment history verification required.
3. Your credit score is not an issue no matter how low it is. FICO is not even considered.
4. Debt such as tax liens, judgments and other loans are not considered for approval.
5. No appraisals are necessary.
6. No out-of pocket expenses at the closing of your new VA Streamline refinance. Any costs can usually be rolled back into the loan. You do not need to bring funds with you or have any surprises at closing.
7. Get approval in minutes.
8. Lower your high interest VA loan by saving hundreds of dollars every month.
9. A lot of paperwork does not need to be collected. It is not necessary. The requirements are so much less than when your original VA loan was taken out. No more long hours spent gathering information to satisfy the lender’s requests.

Very few qualifications

1. Only available for military personnel who are active or who are veterans that already have a VA loan that is at least 90 days old.
2. Must not have been late on your VA loan for the more than 30 days within the past 12 months.

Lower interest rates significantly

A USAA VA Streamline can save our military personnel a lot of money every month. The money saved can be used for other important expenses or for life’s fun. By cutting out the need to pay the lender of your loan so much money every month, financial woes will surely be taken off of your shoulders.

The Department of Veteran Affairs developed this special VA loan for our military servicemen and women with the specific intent to make them all eligible for the lowest interest rate possible. They desperately want to make homeownership affordable again. With the interest rates being at historically low levels, the monetary difference between the monthly house payment that you once paid before and the payment after a VA Streamline refinance, can be huge.

The time is now to streamline your USAA VA loan before some of the rules possibly change. It is up to you take the first step and pick up the phone.