People generally go in for refinancing when they want to have a smaller mortgage period or if they want to switch from an adjustable rate to a fixed rate. The refinance loans are usually at fixed rates so the borrower knows the expected expenditure on a monthly basis and will make the provisions for it. This works out well for the lender too since he can be sure that his loan will be repaid. VA mortgage is guaranteed by the Veterans Administration in recognition of the services rendered to the country by the veterans. There is no down payment and it is easier to qualify for the loan. They are also exempted from mortgage insurance.
Conditions for Refinancing
What happens however if you want VA mortgage refinancing and you have a bad credit history? The VA makes it easier for you to avail of VA mortgage refinancing by insisting on only a clear 12-month history unlike other conventional lenders. There is 100% financing in VA loans. The rates are also easier and allow you to go for streamline refinance when rates go down. VA loans are guaranteed by the government and hence VA mortgage lenders are less strict on credit than the more conventional lenders. In the current economic situation, with many people reneging on mortgage payments, refinance loan rates have reached historical lows.
Qualifications for VA Mortgage Refinancing
The lender must be supplied the necessary information for VA mortgage refinancing. This could include your current status as far as employment is concerned and the stability of your income. You will also be required to supply them with information on the true actual value of your property. Your debt information is something else they would be interested in to gauge how big a risk you are. You must shop around before you commit to a VA mortgage refinance since there are many players in the market and your research will help you to get the best deal.
VA Mortgage to the Rescue of Veterans
VA mortgage refinancing is easier than conventional mortgage refinancing because the whole concept of VA loans was created to help the borrower. Many of the service personnel and veterans are sent on duty overseas and thus are unable to create a credit history. A lot of them do not have the money for down payment. Hence the government ensures that they do have a home of their own by giving them easy VA mortgage access. Qualification if you have a bad credit history is also based on your prompt payment of your rent, car insurance and other expenses on a monthly basis.
The lender must be supplied the necessary information for VA mortgage refinancing. This could include your current status as far as employment is concerned and the stability of your income. You will also be required to supply them with information on the true actual value of your property. Your debt information is something else they would be interested in to gauge how big a risk you are. You must shop around before you commit to a VA mortgage refinance since there are many players in the market and your research will help you to get the best deal.
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