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Benefits of VA Loans
The Veterans Affairs website lists multiple benefits for those interested in a VA loan: may not need a down payment, negotiable interest rate, can qualify with more debt than conventional loans and more. Eligible service members, qualified veterans and their spouses can take advantage of these benefits. Since it can be tough for active service members and veterans to build a level of credit required to qualify for a home loan, the Department of Veterans Affairs established the VA Home Loan. Since they guarantee a portion of the loan, we’re able to provide more favorable terms.
So what VA home loan options do you have as a veteran or active service member?
VA Purchase Loan
A VA home mortgage is ideal for those interested in buying a home with no down payment or mortgage insurance requirements. VA loan rates offer more affordability, making home ownership more attainable for veterans. If you’re retired from the military or still on active duty, Pizarro Mortgage Banking can help you save with a VA home loan.
VA Streamline (IRRRL) Refinance
For those who already own a home, the Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a “Streamline” loan, can help borrowers take advantage of lower interest rates. By lowering your existing Va home loan interest rate with a VA IRRRL, your monthly payment ought to decrease as well. Or if you’re looking to transition from an adjustable rate loan to a fixed-rate loan option, we can assist and closing times are often significantly quicker.
VA Cash-Out Refinance
If you’re looking to pay off high-interest debt or fund a home improvement project, a VA Cash-Out Refinance Loan allows for homeowners to use their home equity to take out cash. This loan option offers a lot of flexibility for debt consolidation. And unlike a credit card that you’re paying a high interest rate on, you’ll save money on a VA Cash-Out loan rates as they’re tax deductible.
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