Video: VA Home Loan Refinance

VA Home Loan Refinance and everything you need to know about doing it properly.

If you are a veteran watching this video, I first want to thank you for your service! Being a veteran qualifies you for home loans with some incredible perks, all of which are discussed in this video. There are still pros and cons to taking out a VA home loan or refinancing one, so you want to be sure you understand the important factors before making the commitment.

In this video I run through the list of questions you should be asking yourself to know if a VA home loan refinance is good for you.

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Video Transcript

Hi everybody, Stephanie Weeks here, loan officer, top 1% in the nation for many years running now.

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I hope this video finds you well today.

If you are interested in information on a VA home loan refinance, this is a video for you.

So, VA, you have a cash out refinance which is paying off anything besides just a VA current loan.

So if you have a VA loan, you wanna refinance that VA loan without pulling any cash out, without paying off any other loan type, that would be just a rate-and-term or we call it an "irrrl" actually.

But if you're paying off a non-VA mortgage, and you want to go ahead and refinance to VA, or if you are looking to pay off a non-VA mortgage or a VA mortgage, and consolidate some debt, that would also be a cash out refinance as well.

What a lotta people don't realize is cash out does not necessarily mean cash into your pocket at closing.

It could just mean paying off a first mortgage and a second mortgage.

So when we talk rate-and-term or interest rate reduction, we're talking about just refinancing the existing mortgage with maybe rolling and closing costs and prepaids as needed.

So with a VA home loan which is one of my favorite by the way, thank you so much for your service if you qualify for a VA loan.

Thank you, thank you for your sacrifice and your service.

I think they're one of the best loans available because they qualify for amazing interest rates even without amazing credit. And for certain veterans, you're funding fee exempt.

So even the funding fee that they charge is sometimes waived for qualified veterans.

When you are refinancing versus purchasing, if you're not funding fee exempt, it is a half percent of your loan financed back in or you could pay it in cash.

Which is very minimal compared to a lot of other loan programs. It's another bonus.

Sometimes you can VA cash out to 100%.

Don't have other loans that do that.

There's pros and cons to that of course. 

And with VA loans you don't have any monthly mortgage insurance.

And that's huge.

That will buy more house, finance more house, and have lesser of a payment.

So, what we call an "irrrl," an I-R-R-R-L, is an interest rate reduction loan.

And those are wonderful.

Most of the time you can do that without even getting an appraisal on your property.

How fantastic is that?

It's a great opportunity.

So if you're interested in finding out if a VA refinance is good for you, reach out to your trusted loan officer.

And as always, you want to check and look at your current rate versus the new potential rate, what term you have currently and how many years you've paid into that term, the new potential term on the new potential loan, the cost of that new potential loan, your break even versus your savings.

Make sure you're also analyzing that.

And keeping an eye to make sure you're not financing in too many closing costs or being, you know, charged more closing costs than need be.

And also don't forget to consider how long you're gonna live in the home or how you're going to have the property, how long you're going to, or plan to pay on that mortgage. 

All of those things need to be reviewed and taken into consideration before you make a decision.

Thank you so much for tuning in.

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If you are a veteran watching,again thank you so much for your service.

Thanks for tuning in.

April 4, 2020
Mortgage Refinance