VA Loan Refinance Benefits in Washington State
Refinancing your mortgage can be a great way to save money and take advantage of lower interest rates. This is especially true with all the federal interest rate changes and volatility. At West Coast Veterans, we help you with everything you need to know before refinancing your mortgage—including the steps you’ll need to take, the different types of refinancing, and what to consider before making a decision.
As you’re searching online for a VA mortgage refinance near me, it’s important that you find an experienced VA lender you can trust. VA loans were the first types of loans West Coast Veterans offered when we opened our doors decades ago. We take great care of our military clients who are PCSing to JBLM and other bases across the state of Washington.
What Are the Benefits of a VA Loan Refinance?
Some of the biggest benefits of a VA loan refinance are a lower interest rate on your mortgage, reduced monthly mortgage payments, and the option to take 100% of your home’s value out in cash. These savings can add up over time, providing more cash flow, giving you the opportunity to put your hard-earned money to work for you in other areas of your life besides your mortgage.
Key Steps to Take Before Refinancing Your Mortgage
- Check your credit score. Before you start the refinancing process, it’s important to check your credit score to see if you’re eligible for a new mortgage. You can actually get a free credit report from any of the three big credit bureaus. If you’re looking for an estimate, Credit Karma is a good option—and it’s free! Just keep in mind, it’s only an estimate, and your actual score could be different. If you see any mistakes on your report, make sure to dispute them with the credit bureau. And, if you’re close to the next credit tier, it might make more sense to wait a bit and refinance when you can have an even lower rate.
- Go with a mortgage broker, and we’ll shop the best interest rate for you. As a mortgage broker, we work with multiple lenders to ensure that our clients have access to the most competitive rates available. By partnering with multiple lenders, we can compare rates and find the best option for each person. Our goal is to lower your interest rate without extending the length of the loan or the total amount of interest paid.
- Gather required documentation. You’ll need to provide proof of income, such as your pay stubs, and tax returns for the past two years. You’ll also need to provide proof of home ownership, such as the original mortgage documents. Think of all the things you needed for the original VA loan lending process. You’ll need most of the same things for a VA loan refinance.
- Apply for refinancing. If you haven’t completed your application with us yet, this is when it’ll need to be submitted to us, along with all the required documentation. We’ll review your application with you to finalize the information.
- Close the deal. Once your application is approved, you’ll need to sign the new mortgage papers and pay any applicable fees and closing costs.
How Long is the VA Loan Refinance Waiting Period?
In most cases, you have to wait up to 210 days after your last loan’s closing before you can qualify for a VA IRRRL (Interest Rate Reduction Refinance Loan), commonly referred to as a streamline refinance loan.
The VA IRRRL usually requires less documentation, does not usually require an appraisal, can have lower fico score and proof of income is usually not required.
Are You Thinking About Taking Advantage of VA Refinance Benefits?
Do You Have Questions About Refinancing a VA Loan?
Call us today at (360) 250-3400 We’re here to help!