If you’re an eligible veteran, mortgage loans guaranteed by the US Department of Veterans Affairs (VA) can be a great deal. These mortgages are available to veterans with good credit, sufficient income, and have met certain military service requirements. Some spouses of eligible veterans may also be able to take advantage of these loans. You’ll need a Certificate of Eligibility (COE), available through your local VA office.

The biggest advantage of a Brevard County VA mortgage is that the borrower can buy a home with no money down. In addition, VA loans usually offer very attractive interest rates and do not require private mortgage insurance (PMI), which saves even more money.

Fast and Easy Refinancing

VA loans have another very useful benefit. If you’re currently holding a VA mortgage and want to take advantage of lower interest rates, or if you have an adjustable-rate mortgage (ARM) and want to switch to a fixed-rate mortgage, you can refinance your existing loan using the VA Interest Rate Reduction Refinance Loan (IRRRL). These are also called VA Streamline Refinance loans because they’re easy to use and can close quickly. There are some conditions you have to meet:

  • You need to be current on your payments with no more than one late payment in the last year.
  • Your new payment must be lower than your current payment unless you’re switching from an ARM to a fixed-rate mortgage.
  • Unlike a regular VA loan, you don’t have to occupy the house, but you do have to certify that you previously occupied it.
  • You don’t need an appraisal.
  • You can avoid out-of-pocket costs by financing them into the new loan.
  • You may not receive any cash from the IRRRL.
  • You must have used your VA eligibility to obtain the loan you plan to refinance (often called VA to VA refinance).

Save Money

In some cases, eligible veterans may be able to save thousands of dollars over the lives of their loans by using streamlined refinancing. And refinancing can be done quickly, sometimes in as little as a month. Terms do vary between approved VA lenders, so it’s important to shop around to make sure you’re getting the best rates. At Embrace Home Loans, we’re experts in Brevard County VA mortgages, and we will work with you to make sure you get refinancing that meets your needs and budget. If you think a VA streamline refinance can help you save money, call us at 407-733-6425.