There are many options and reasons for refinancing your mortgage. Perhaps you are looking to pull cash out to pay off debts. Maybe you want to lower your rate and payment. VA Refinance Loans are an excellent choice for any of your refinance needs.
There are two types of VA Refinance Loans. There is the traditional refinance option, which is a conversion from a non-VA loan to a VA loan. And then, there is the VA-to-VA streamline refinance, or VA Interest Rate Reduction Refinance Loan (IRRRL).
The traditional refinance will enable you to either refinance your existing loan balance, or pull cash out, up to 100% of the value of your home. Lenders will require an appraisal on this type of loan, which is ordered through the VA.
In addition, there are minimum standards for qualifying for this type of loan. For one, you must have a credit score of 620 or higher. If you are above 640 you will be able to secure a much better VA Mortgage Rate. If you have had a bankruptcy, you must wait for 2 years after the discharge of the bankruptcy before you can qualify for VA Refinance Loans. In addition, you must be employed, and have acceptable “debt-to-income” ratios, or the ratio of your total monthly debts compared to your total gross income (before taxes).
VA Refinance Loans will carry a full VA funding fee, which can be as high as 3.3% of your loan amount (i.e., if your new loan is $100,000, the fee would be $3300), but if you borrow less than 95% of your appraised value, the fee is much lower. It will also be lower if this is your first use of your VA Loan benefits. The VA funding fee is typically “financed” into the new loan, meaning you do not have to come up with the money at closing.
The VA-to-VA streamline refinance, or VA IRRRL loan, is the other choice, and is an incredible option. You cannot pull out extra cash on the VA IRRRL, but you can lower your rate and payment significantly, many times without any closing costs. The VA funding fee is only .5% on a VA IRRRL, making this an extremely affordable option. You can also skip a monthly mortgage payment!
To explore your options, give us a call at 720-598-0506. We will give you straight answers and honest advice. If a VA Refinance doesn’t make sense, we will tell you that. Your long-term business is more important to us than trying to “sell” you on a loan program. Your service means the world to us, and we would be honored to serve you.
We had a great experience with AMG overall. Because of some outside circumstances they were more than willing to go the extra mile in making sure that funding went without a hitch. Communications were always prompt and the online document signing was easy and straightforward.
I never plan to move again but if I did I wouldn't hesitate to go back to Mr Beattie.
Yes! We would definitely use this team again any time. The entire team was extremely helpful in every aspect an step. Jeff and his team was always available to answer any questions. Checking and double checking our documents and crunching numbers within record times during the actual looking stages of a home to find the right one. This team didn't stop till we signed our closing documents. Loved them!
We couldn't have done it without Jeff, Anne, and Brenda. They stayed on top of everything throughout the whole process. We'd definitely recommend them!
Absolutely loved working with Jeff and Anne. They are so knowledgeable and personable. They are available on evenings and weekends to answer all questions. My realtor was horrible and they pretty much assumed the role of realtor and mortgage broker. I have referred them to friends and will continue to do so. Amazing experience!
Jeff Beattie and the entire Alliance Mortgage Group team were professional and responsive throughout the refi process. Special circumstances required increased attention to detail which they managed competently and built my confidence in their team. They will get my exclusive referral for anyone looking for a business with a professional and personal approach when needing to refinance.
The team at AMG were so helpful and knowledgeable about everything we needed to make sure this refinance went smooth! Jeff and his team were there every step of the way to ensuring all my questions were answered and I was completely comfortable with the process. I wouldn't use anyone else to handle or mortgage needs.
We were purchasing a second home in the mountains and had a couple complications with the seller which turned a routine process into a difficult one. Jeff was there every step of the way with us. He and his team were so helpful and knowledgeable about everything we needed to make sure the deal went through! They also were very easy for our real estate agent to work with as well. They provided the documentation needed quickly and were extremely thorough to make sure we hit our deadlines. Without AMG Lending and their hard work our deal would not have happened. We thank Jeff and his team for going above and beyond. We wouldn't use anyone else to handle or mortgage needs and refer everyone we know looking to buy a home or refinancing.
Jeff and his team were completely amazing! I came in needing funds, and Jeff was able to assist with my difficult situation with apparent ease. I absolutely cannot recommend him and his team enough. They were extremely friendly, kind, and efficient. Thank you!!
My husband and I used Jeff Beattie for our refinance. We have refinanced previously and I have never seen such professional and comprehensive service. He explained the process completely from the start and kept us advised as to each step in a timely manner. Whenever we had questions, he promptly responded and made sure we understood all of the details involved and explained in fully comprehensive and comprehensible manner. The refinance was completed in a reasonable time frame and he was most courteous and knowledgeable. I would not hesitate to recommend Jeff.
What an amazing group of folks. So knowledgeable, professional, awesome customer service, prompt follow up, getting the best in all services, friendly...they were top notch all the way around
Every point of buying our home went so smoothly, without a hitch! Thank you so much for helping us buy our dream home! We would recommend Jeff to anyone!