VA Mortgage Refinancing comes in two forms:
Cash-Out Refinance Home Loans - This option let's you take advantage of your home’s equity to take cash out to pay of high interest debt or fund home improvements. You also can refinance a non-VA loan into a VA-guaranteed loan.
Interest Rate Reduction Refinance Loans (IRRRL) - VA's streamlined option which allows you to lower your monthly mortgage payment by obtaining a lower-interest. You can also use it tofix your monthly payments by refinancing a loan with an adjustable interest rate to one that’s fixed.
Let's explore more about these two VA refinancing programs and see if one of these options could be right for you.
Cash-out refinance loan
A VA-backed cash-out refinance loan lets you replace your current loan with a new one under different terms. If you want to take cash out of your home equity or refinance a non-VA loan into a VA-backed loan, a VA-backed cash-out refinance loan may be right for you. For Colorado property owners you want to ensure you are eligible for a VA backed cash-out refinance loan. You must meet the following three requirements.
Contact us anytime, our team is here to answer your questions, assess your eligibility, and guide you through the process of unlocking the advantages of a VA refinance.
VA Streamline IRRRL
(Interest Rate Reduction Refinancing Loan)
For Colorado property owners with a VA home loan, you could qualify for a VA Streamline IRRRL (Interest Rate Reduction Refinancing Loan). The IRRRL program, often referred to as the "VA Streamline Refinance," is designed to simplify the refinancing process for veterans and active-duty military personnel. It offers a streamlined and cost-effective way to lower your interest rate and potentially reduce your monthly mortgage payments.
Why Consider Refinancing to a VA Loan with IRRRL?
Lower Interest Rates: One of the primary advantages of IRRRL is the potential for reduced interest rates, leading to significant long-term savings. You've served your country; now, let us serve you with lower mortgage payments.
No Need for a New Appraisal: Unlike traditional refinancing, IRRRL generally does not require a new appraisal, saving you time and potential out-of-pocket expenses.
Simplified Documentation: The IRRRL process is known for its simplicity. The documentation requirements are streamlined, making it easier and quicker to navigate the refinancing journey.
No Out-of-Pocket Costs: In many cases, you can finance all closing costs into the loan amount, minimizing out-of-pocket expenses during the refinancing process.
Why Choose The Colorado Mortgage Team?
As your dedicated mortgage broker, we specialize in guiding veterans and active-duty military personnel through the complexities of VA loan refinancing. Here's why you should choose us:
Expertise - Our team has extensive experience in VA loan products, ensuring you receive expert advice tailored to your unique financial situation.
Personalized Service - We understand that every client's needs are different. Our personalized approach ensures that you receive a refinancing solution aligned with your goals.
Transparent Communication - We believe in keeping our clients informed at every step. Our transparent communication ensures you're empowered to make confident decisions.
Efficiency - We value your time. With our streamlined processes, we work diligently to make your VA loan refinancing experience efficient and stress-free.
At The Colorado Mortgage Team, we take pride in serving those who have served our nation. Refinancing with a cash-out VA loan or with a streamline IRRRL could be the financial move that propels you toward greater stability and flexibility.
