VA Refinance

VA Refinance Mortgages

A Utah VA refinance loan is guaranteed by the U.S. Department of Veteran Affairs (VA). These loans are available to active duty military personell or those that have been honorably discharged from military service. There are many benefits that other loan types, such as, conventional loans or FHA loans, do not offer.
 


Fixed Interest Rate

  • Are you a veteran or currently serving in the United States military? Are you a surviving veteran spouse?

  • Do you want to refinance a home loan without having any equity?
     

A VA fixed rate loan is offered to active military men and women, veterans, and to surviving spouses. An exclusive perk for all VA loans is that a down payment is not required. You can also refinance up to 100% of your home’s value. Even if you have used your VA loan benefits in the past, you can still take advantage of this special program.


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VA Adjustable Rate

  • Do you want to take advantage of lower interest rates, but have little to no equity?

  • Do you plan on refinancing or moving in the next five years?
     

A VA variable rate loan gives you the benefit of lower interest rates while easing up on qualification requirements. VA home loans are guaranteed by the government, which mitigates loan risk for mortgage lenders.

VA adjustable rate refinances are offered with a one year, three year, or five year fixed rate and then will adjust annually following the initial fixed period. Your interest rate will increase or decrease annually over the duration of the loan, depending on the fluctuation of mortgage interest rates.

If you are planning to move in the next few years, or simply want to take advantage of today’s low rates, this may be a great option for you.


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VA Streamline

  • Do you currently have a VA loan, are you current on your VA home loan?

  • Are you paying a higher interest rate on your existing loan than what is currently offered?
     

VA loans are popular among those who qualify since there is no requirement for monthly private mortgage insurance or a down payment. If your payments are up to date on your current VA loan, with no more than one 30-day late payment in the previous 12 months, you can qualify for a VA streamline refinance, known as the Interest Rate Reduction Refinance Loan (IRRRL.)

Once you have a VA loan, a VA streamline refinancing is simple. You can quickly and effectively lower your interest rate.


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Eligibility for a VA Loan

The U.S. Department of Veterans Affairs (VA) features multiple programs to support veterans, active duty service members, National Guard members, reservists, and their families. One of these programs is the VA loan, which makes buying a home easier for military personnel and their families.

You may be eligible for a VA loan if you meet at least one of these conditions:

  • You served for a minimum of 90 consecutive days during wartime

  • You served for a minimum of 181 days during peacetime

  • You served in the National Guard or the Reserves for more than six years

  • Your spouse, who is a service member, died in the line of duty or because of a service-related disability
     

A VA loan does not require a down payment and its average interest rates are typically lower than traditional loan types. It has relaxed credit requirements and limits on closing costs. With this loan home ownership becomes a reality for those who meet the requirements.
 

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As a mortgage broker in Utah, we work with several mortgage lenders, enabling us to offer you a variety of Utah mortgages and refinance home loans at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more home loan options to help you achieve your goals. Whether you're buying a home or refinancing, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

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As one of the most trusted and respected mortgage companies in Utah, Advanced Funding Home Mortgage Loans offers a variety of purchase mortgage and refinance products. Our licensed mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

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