- Refinancing an existing mortgage loan is basically taking out a new first mortgage loan in order to pay off your existing loan and have better terms and a lower interest rate.
- When you refinance a loan don’t just go to your same lender. They may be the best choice, but they may not. Put together all of the information you need for a loan like your income information, employment information, credit, and more, and then take this package to various lenders to see who will offer you the best mortgage loan and terms with the lowest fees, closing costs, and interest rate. You may find a significant difference in costs that can save you a lot of money.
- There are many different types of refinancing loan options depending on your situation. Become familiar with the different types of loans so that you know which one is right for you. For instance, if you are planning to stay in the home you have for your life then you will want a fixed rate mortgage loan. However, if you know that you will have to move for work in two or three years you should refinance into an adjustable rate mortgage or an interest only loan in order to get a lower introductory interest rate and save money. Become an expert on types of mortgage loans and pick the right one for you.
- If you find a lender with great rates be careful of the bait and switch. They may get you lured in with the promise of great rates and then all of a sudden have to raise the rate because of less than perfect credit or some other excuse. Don’t fall for it. Have your loan package ready with your credit score in there so they know right away and can not surprise you with any tactics to get more money from you.
VA Loan Central – your source of information on all VA Loans (Veterans Affair loans)
Va Loan Center is the best source for all information regarding Veteran’s loan and other loan benefits for US Veterans. You can learn how to prequalify for VA loans and what you need to do in order to be eligible for a loan.
Great changes are coming to the Veteran Administration’s Loan program and you can learn about these changes as they happen. Be sure to visit VA Loan Central to obtain VA Info including VA requirements and VA Loan eligibility.
Loans are available for Veteran’s meeting certain requirements. Many people are not even aware of the great benefits offered to them. So be sure to check it out to see if you can get qualified for VA Home Loans.