VA Home Loan – What Is It?
In order to qualify for a VA mortgage loan you must be an eligible veteran purchasing a home for your and your family’s occupancy. Banks, savings and loans and other lenders or mortgage companies accept VA guaranteed loans because if you or a subsequent owner fails to make the mortgage payments, the lender is protected against loss. Because of this guaranty you do not have to make a down payment on a VA loan.
Types of VA Loans Available in San Diego
It helps if you have an understanding about general loan classifications as well as the types of loans you can get through the VA Mortgage Loan benefit. They are:
- Fixed Rate Mortgage (FRM)
- Adjustable Rate Mortgage (ARM)
- Combination of the two (hybrid)
As a VA Loan Specialist, I can help you determine which options are best for you.
Refinancing a VA Loan = Is It Possible?
Thankfully, refinancing a VA loan is a simple process, and doesn’t take a lot of time or money. Reasons to refinance include a shorter or longer time period on the loan, a better interest rate if they have dropped, or a different amount. You can even change your type of loan from an ARM to a fixed rate mortgage.