The VA loan program helps veterans buy and refinance homes with more favorable loan terms than those found in the open mortgage marketplace. If you are a veteran with a mortgage on a home that’s your primary residence or that you previously occupied, and you want to refinance, a VA refinance may be the best option.

Why go with a VA refinance? A VA refinance offers significant advantages. Because the VA’s insurance guaranty essentially sets up a financial safety net for the VA lender, a lender can pass more advantageous loan terms along to you, the veteran. If you’ve financed a home purchase with a VA loan before, you probably already know about some of these advantages. You receive the same benefits in a VA refinance, including limits on closing costs, no-prepayment penalty, and no private mortgage insurance requirement even if your down payment is less than 20 percent.

The VA Cash-out and Rate & Term refinance can help you address personal financial dilemmas that other VA refinance types cannot solve. The VA IRRRL mortgage is a smart option because the refinance process is a rather seamless experience. A VA IRRRL refinance not only uses your original entitlement, but it also authorizes lenders to close IRRRL loans as a matter of routine. Also, a VA IRRRL refinance almost always lowers your interest rate, which provides a great way to reduce your monthly outlay with little effort.

Before applying for any loan, it is best to consult with a local San Diego home loans and refinance expert, like Olivia Guinn, that can help you determine the best financial option for you. To get started, contact Olivia today by calling 619.227.9173. You can also complete an application online to quickly find out which lending programs you may qualify for.