By Don Rafner
Members of the U.S. military and veterans who already have mortgage loans insured by the U.S. Department of Veterans Affairs can refinance under the same program. By refinancing their VA loans, they can often dramatically reduce their interest rates. Depending on the size of their loans, and the drop in their rates, homeowners with VA loans can drop their monthly mortgage payments by more than $100. To do this, though, they'll have to meet certain requirements.To qualify for what the VA calls an Interest Rate Reduction Refinancing Loan, homeowners must already be making monthly payments on a VA loan. Homeowners must also refinance to another VA-insured loan to qualify for the rate reduction refinancing loan.
To qualify for a VA refinance, homeowners must pay a fee equal to one-half of 1 percent of the amount of the new loan. Homeowners can either pay this fee upfront in cash or roll it into their monthly loan payments. By including the fee in their monthly payments, homeowners can spread the impact of this charge out over the life of their new loan.
When applying for a VA loan, borrowers must certify with the Department of Veterans Affairs that they either occupy their new home or intend to occupy it. For a VA loan refinance, though, borrowers only have to certify that they previously occupied the home.
When refinancing a VA loan, borrowers should be sure that the interest rate on the refinanced version of the loan is lower than the rate on the original loan. This does not hold, though, if borrowers are refinancing an adjustable-rate mortgage VA loan to a fixed-rate version.
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