VA refinancing allows loan holders to lower interest rates and monthly mortgage payments. It also allows homeowners to dip into home equity to finance home improvement or pay bills. There are two ways to refinance: the IRRRL and the VA Cash-Out refinance loan.
Here at The Reichert Mortgage Team, we are the leading VA mortgage loan experts in Colorado Springs. Our hardworking mortgage professionals will handle all VA loan-related concerns, including finding the best-suited loan and educating our clients on their refinancing options. We prioritize providing superb customer service and the best financial advice possible to every client.
VA Cash-Out refinancing loans are best suited for those wishing to dip into their home’s equity to make home improvements, pay bills, and cover emergency expenses. Taking advantage of the VA Cash-Out refinance loan means trading in a higher value VA loan for your previous one, receiving the difference in cash. The primary features of the VA Cash-Out refinance loan include the following:
The VA funding fee is .5% of the total loan amount. For IRRRLs, you can pay the VA funding fee throughout the life of the loan, making it highly accessible to those who cannot afford it upfront.
VA funding fee is 3.6% of the loan amount for first-time VA loan borrowers and 2.3% for those who have taken VA loans before. Veterans can pay their fees with newly acquired cash from the loan.
Refinancing makes sense for those who wish to lower their mortgage interest rate, lower monthly mortgage payments, or for those who want cash for home improvements, pressing bills, or emergency expenses. If you want to take advantage of your VA benefits by refinancing your home, get in touch with us!
The Reichert Mortgage Team is proud to be the leading expert in Colorado Springs for VA loans. As specialists in this field, we understand the complexities of home loans, and we will help you navigate the road to refinancing your dream home. Contact us today if you have any questions about refinancing your VA loan! Our team of hardworking professionals will gladly help you.