Things to Consider
As well as some helpful information to first time buyers.
Why is the VA contacting me about refinancing?
The Department of Veterans Affairs does not contact veterans regarding refinance options. Additionally, we will not provide or sell lists of veterans to any outside party. However, the type of mortgage on your property is public record and available to anyone via county records. There are companies who gather this information and sell the data to third parties including lenders.
I want to refinance my home, what next?
|Is refinancing right for you?
The first thing you need to do is determine what you would like to accomplish. This will help to narrow your choices when you begin to shop for a loan. The most common reasons people want to refinance are:
- Lower monthly payments
- Reduce interest rates
- Shorten the time to payoff
- Consolidate debt
- All of the above
Once you have decided to refinance, there are a few choices you need to make. VA offers two types of refinancing options, the Interest Rate Reduction Refinancing Loan (IRRRL) and the Cash Out.
You also need to consider the term of the loan. The most common loans are for 15 and 30 year terms.
Do you want a fixed interest rate or an adjustable rate?
Once you have answered the questions above you should be ready to "shop" for a lender. We strongly recommend that you compare offers from two or more lenders before you make a commitment. This will help you to determine whether or not the lenders' offer is in your best interest. We have provided a worksheet for you to print, that should help you when comparing offers.
If you have further questions, please contact us at (888)232-2571 or by e-mail