Pittsfield, MA -- (SBWIRE) -- 04/08/2013 -- Real Estate Yogi would like to offer some background the benefits of home loans and veteran mortgage rates:
- Qualifying for the VA Mortgage
- The Streamlined Refinancing Option
- Streamlined Mortgage Rates
Qualifying for the VA Mortgage
Veteran Administration Mortgage Rates are lower than most. The VA mortgage, a program which veterans can register for with eligibility and service appraisal, is not just any low down payment loan program. The administration can issue as much as an initial 100 percent, securing a house with nothing down. The VA also requires no mortgage insurance, which most banks require to cover the cost of the property if the buyer cannot cover the loan debt. The VA guarantees the loan, and requires no private mortgage insurance, which tends to cost hundreds of dollars per month.
The Streamlined Refinancing Option
The VA streamline refinance program resembles other refinance programs, but carries additional benefits. Additional loans can be offered for over 100% of the original Veteran mortgage loan amount.
100% Veterans Mortgage Loan From Military Mortgage Specialist At Zero Interest Rates
This plan is very easy to register for. There’s no additional qualification required. It just goes off of the old Mortgage arrangement. While borrowers must show other types of lenders income and credit verification, VA does not. The sole charge is a 0.5 percent fee that can be included in the loan. There is also a shorter term option that allows veterans to squeeze their refinance into a 15 or 20 year period with reduced rates.
Streamline Mortgage Rates
Veteran refinance mortgage rates such as the streamline option run generally 25 to 50 points below rates on traditional loans, despite changing frequently. Take a traditional refinance of about 4.05 percent. Now, with a basis point equal to .01, the VA rate would be between 3.55 and 3.80, which would equal a payment between around 30 and 60 dollars less than a traditional refinance in a $200,000 mortgage.
The Streamline Program, also known as the Interest Rate Reduction Refinancing Loan Program, allows veterans to upgrade their homes for less, with simpler procedures and qualifications.
About Real-Estate-Yogi.com
Real-EstateYogi.com well-established website located in Pittsfield Massachusetts advises homeowners on their mortgages and refinances. They have 260,000 professionals available to offer help for home refinance and other credit situations. Call 1-800-987-1397 for a free consultation.