At Booyah Mortgage, we are here to help you with all your refinance needs
Refinancing with VA loan is often used to lower your interest rate. Home loan interest rates are constantly changing, and creditworthiness can improve over time as well. If rates have dropped since you last financed your home, or if you think you may qualify for a better rate, you may want to consider refinancing.
Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out).
Paying Off A Balloon Payment
Some mortgages don’t fully amortize over time, which can lower your monthly payments. However, this leaves a large “balloon payment” chunk of the principal to pay off at the end of the term. Because these balloon payments can be high, refinancing your mortgage with a VA loan can assist in paying this off.
Converting From An Adjustable To Fixed Rate
Many people refinance their mortgages to avoid the rate increases that can come with an adjustable rate mortgage. A fixed rate mortgage offers much more stability and predictability, as your rate will no longer change.
Extracting Cash Equity (Cash Out)
Homeowners may choose to take cash equity out against their home for many reasons. Some of these reasons may include paying for home improvements, college or higher-education tuition, debt consolidation, or other obligations.
The Benefits of Refinancing With VA Loan
If you plan on living in your home for a long time, it’s important to look into refinancing your mortgage on a regular basis to ensure you’re getting the best rate possible. If you are eligible for VA Loan Refinancing with Booyah, benefits include:
VA Loan Refinancing Benefits:
- A reduced interest rate
- Lower monthly payments
- Lower total interest cost over time
- A shorter term so you can pay it off sooner
- Cash out equity for home improvements
- Debt consolidation
- Paying off a large, end-of-term “balloon payment”
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 surrounding areas.
Booyah VA Mortgage South Carolina service areas include: Beaufort, Columbia, Goose Creek, North Charleston, Port Royal, Sumter, and surrounding areas.