Refinancing VA Loans In Southern NH

Borrowers with VA loans have the ability to easily refinance to a reduced interest rate through a special program. This is often called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA authorized mortgage company can assist with this program. Below is an overview of refinancing VA loans in Southern NH.

Benefits of VA Refinancing

The VA does not mandate an appraisal, a credit check, or closing costs (except for a funding fee) on a refinance. These are critical in declining markets. However, some lenders may include an appraisal or credit check as part of their company loan criteria. Closing costs are usually assessed by loan providers, but the categories and amounts will differ from one lender to another. The VA allows their funding fee and any closing costs to be rolled into the loan so that homeowners can refinance without spending any money out of pocket. Energy improvements can also be rolled into the mortgage.

Qualifying for a Refinance

For refinancing under this program, the existing loan must be a VA loan. The interest rate on the new mortgage must also be less than that of the current loan (the one exception to this restriction is when refinancing from an ARM to a fixed rate). Veterans can not receive any cash from the loan proceeds and no other debt, other than the original VA loan, may be paid off with the new loan. Homeowners must also certify that they used the property at some point as a primary residence. More qualification criteria can apply based on specific mortgage companies.

More on Refinancing VA Loans In Southern NH

Homeowners with VA mortgages can refinance with their current loan provider or use an entirely different one. Many lenders are VA approved and can assist with refinancing. The above information is provided only as an introduction. This information is considered accurate but is not guaranteed. It was compiled based on information available at the time the article was published and is subject to change without notice. Always speak with a local consultant for up-to-date information and advice. To be referred to a local bank offering refinancing VA loans in Southern NH, contact Sharyn Kelley at Suburban Realty Inc. at 603-668-5757 or