Easy consolidating refi speed dating amarillo tx

Your path to a new VA loan depends on whether you just want to lower your monthly payment, want cash back from your refinancing or have been delinquent on your VA loan.

Here are your three options: If all you want to do is take advantage of lower interest rates, the streamline loan (or interest rate reduction refinance loan) is for you.

After you apply, your loan officer will analyze your case and determine whether your reasons for falling behind on your payments have been resolved.

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A lower interest rate would help, but you can't refinance a delinquent mortgage.

If you have a VA mortgage, however, you're in luck.

In parts of the country that still have depressed real estate values, a streamline loan may be your only option for refinancing because lenders don't have to require an appraisal.

You will pay closing costs, points and funding fees as with any refinance, but these costs can be rolled into the new loan.

Changes in the way lenders evaluate applications also mean borrowers who have been turned away before may now qualify for a VA refinancing or be approved to borrow more than before.

If, for example, you pay off your credit card balances in full and on time each month, or if you've been carrying a credit card balance that you will pay in full at or before closing, it won't count against your debt-to-income ratio like it did in the past.

That proof of qualification is called a certificate of eligibility. If you have equity in your home and you need cash to pay off other debts, improve your home, buy a car, pay tuition or use for any other lender-approved purpose, choosing a cash-out refinance is your best bet.

You'll also need a certificate to refinance from a conventional to a VA loan. To qualify, you must live in the home and not be underwater.

Or you can take a slightly higher interest rate in exchange for the lender paying the loan costs.

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