VA Refinance Loan
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A VA refinance loan, backed by the Department of Veterans Affairs, offers a beneficial option for eligible service members, veterans, and surviving spouses aiming to improve their mortgage terms. These loans allow borrowers to lower their interest rates, reduce monthly payments, or extract home equity through a cash-out refinance. Uniquely, VA refinance loans require no private mortgage insurance and often have competitive interest rates. While there are specific eligibility requirements, the financial benefits of VA refinance loans can greatly enhance the homeownership journey for those who have served our country. Discover the advantages of VA refinance loans today, and upgrade your homeownership experience.
Unlock the Potential Savings of Refinancing. Find Out Today If You're Eligible and Take Control of Your Home Finance. Don't Miss This Opportunity to Lower Your Monthly Payments and Improve Your Financial Future. Start Now!
There are several reasons why someone might want to do a mortgage refinance review:
Lower Interest Rates: If interest rates have dropped since you took out your original mortgage, you may be able to lower your monthly payments by refinancing at a lower rate.
Shorter Loan Term: Refinancing to a shorter loan term can help you pay off your mortgage faster and save money on interest over the life of the loan.
Change in Financial Situation: If your financial situation has changed, such as an increase in income or a decrease in debt, you may be able to qualify for a better interest rate or more favorable loan terms through refinancing.
Cash Out: Refinancing can also provide an opportunity to take cash out of your home equity to use for home improvements, debt consolidation, or other expenses.
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5220 Hood Rd Ste 110
Palm Beach Gardens, Florida 33418
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Frequently Asked Questions
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"How much cash can I take out with a VA cash-out refinance?
While the VA allows borrowing up to 100% of the home's value.
Can I use a VA cash-out to pay off other debts or for home improvements?
Yes, the funds from a cash-out refinance can be used for almost any purpose.
Can I do a cash-out refinance if I don't currently have a VA loan?
Yes, the VA cash-out program is unique in that it can be used to refinance conventional, FHA, or other loan types into a new VA loan.
Do I need an appraisal and credit check for a VA cash-out refinance?
Yes, standard underwriting rules apply to cash-out loans, requiring a full appraisal, income verification, and credit check.
How much is the VA funding fee?
The fee is a one-time charge paid directly to the VA and varies based on loan type, first-time vs. subsequent use, and down payment amount. It typically ranges from 0.5% to 3.3%.
Am I exempt from the VA funding fee?
Veterans receiving VA disability compensation are exempt from this fee, which is a major point of interest.
What credit score do I need for a VA refinance?
The VA doesn't set a minimum score.
Can I roll the closing costs into the loan amount?
Yes, the funding fee and most closing costs can be rolled into the new loan amount.
Does a VA loan require PMI (Private Mortgage Insurance)?
No, one of the primary benefits is that no monthly PMI is required, regardless of the down payment or equity amount.
How many times can I use my VA loan benefit?
There is no lifetime limit on the number of times you can use the VA loan benefit, provided you have sufficient entitlement and meet occupancy requirements.
Interconnect Mortgage Inc. is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other Federal regulations. All applicants applying for credit from Interconnect Mortgage Inc. will never be discouraged on on the basis of race, color, religion, national origin, sex, military status ,marital status, age, or because you get public assistance. All information we request is voluntary, and will be kept confidential. For more information on the ECOA, please visit:
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including
HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners.
*When refinancing your existing loan, it's important to understand that while your monthly payments may decrease, the total finance charges you pay over the entire life of the loan could ultimately be higher.
For information directly from HUD/FHA, visit https://www.hud.gov/guidance
For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/
For information directly from the USDA, visit https://www.usda.gov/
© Copyright 2025 | Interconnect Mortgage Inc. | All rights reserved.
© Copyright 2025 | Interconnect Mortgage Inc. | All rights reserved.