Refinance with a VA home loan in Florida and South Carolina

Should I refinance my home with a VA loan?

This calculator may help you to decide whether or not you should refinance your current mortgage at a lower interest rate with Booyah Mortgage. Not only will this calculator calculate the monthly payment and net interest savings, but it may also calculate how many months it will take to break even on the closing costs. At Booyah Mortgage, we want to make sure we can do everything possible to benefit our veterans’ financial futures.

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The two biggest reasons to refinance your mortgage

While refinancing your current home isn’t as big a decision as purchasing a new home, it is still a very important financial decision, and should be dealt with logically. Booyah Mortgage can help you determine if refinancing with a VA Loan is right for your situation. There are two main reasons people choose to refinance their homes. These are to save money or to take cash equity out. These will be explained in more detail.


Save money

It makes financial sense to refinance your home if it saves you money with a lower interest rate and/or a reduced term that you can still afford. This means that you’ll pay the loan off sooner and accrue less interest over the entire term. This is commonly known as ‘rate-and-term refinancing.’



Sometimes people refinance their homes and replace their old mortgage with a new one at a higher amount than what they owed. The extra money is taken as ‘cash-out’ and used to pay for other expenses such as debt consolidation, college tuition, and home improvements. This can be a wise choice if you have quite a bit of equity in your home and want to use it as leverage to pay for other things.


Other reasons to refinance

Homeowners may also choose to refinance their house to switch from a variable or adjustable-rate mortgage to a safer, more predictable fixed-rate mortgage. This can help them to avoid potential interest rate increases over time, and it can mitigate the risk associated with market fluctuations. Divorce settlements also sometimes require refinancing of mortgages to remove an individual from the loan.


Remember that it can take time to break even

Since refinancing incurs closing costs like other mortgages, it’s important to keep in mind that it will take some time to ‘break even’ and make up those costs. As explained above, Booyah Mortgage and our calculator may help you figure out how long this will take. The math makes sense.


Closing Costs / Monthly Savings = Months to Break Even

So if the closing costs on your VA Loan mortgage refinance are $1000 and your monthly savings are $100, it will take 10 months to reach the break even point ($1000 / $100 = 10 months).

At Booyah Mortgage, we are here to ensure that your refinance decision makes sound financial sense. We exist to assist our veterans and borrower with all their VA Loans and mortgage refinance needs.

Our Mission

“A “Veteran”- whether active duty, discharged, retired, or reserve- is someone who, at one point in his life, wrote a blank check made payable to “The United States of America,” for an amount of, “up to, and including his life.”  That is honor.  And there are way too many people in this country today, who no longer understand that fact.  Our mission is to ensure that we give back to those who wrote that check.”  –  Shane Johnson

Booyah Mortgage servicing Veterans across Lake Mary, Orlando, Jacksonville, Pensacola, the Gulf Coast, and all of Florida

Questions about refinancing your home and VA loan refinance options?
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Booyah VA Mortgage Florida service areas include: Brevard, Clear Water, Duval, Jacksonville, Fort Walton Beach, Key West, Lake Mary, Lynn Haven, Mary Esther, Miami, Miami Beach, Milton, Orlando, Panama City, Panama City Beach, Pensacola, Starke, Tallahassee, Tampa, Valparaiso, West Palm Beach, and all of Florida.