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VA Loan for Home Equity Refinancing
Whether you need money to consolidate high interest credit card debt, pay for college
tuition, buy a new car, or make home improvements to your home, VALoans.com can find a
way to get you the cash you need through a refinance.
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A VA refinance transaction involves repayment of your current real estate debt from the
proceeds of your new VA mortgage that has the same borrower(s) using the same property.
This is called a "Cash Out" Refinance.
Cash-Out Refinances are used for homes that are used as a principal residence
by its owner. That owner can refinance for up to 90% of the appraised value
(Not available in Texas) plus all closing costs if the property can withstand the
designated loan to value ratio. There is no minimum amount of time that
you must own your home, yet your home must have sufficient equity to
qualify for the loan.
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FREQUENTLY ASKED QUESTION # 23 [ -more VA Loan questions- ]
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Q: Does the VA Charge A Fee? - Are there fees associated with my VA home loan?
A: There is a "VA funding fee" required by law. A first-time buyer will pay a little over two percent for a 'no money down' loan, and a second time buyer's fee is just above three percent. The reason for the fee includes the idea that the veteran is reducing taxpayer burden by contributing to the cost of his VA mortgage. The higher fee for second-time borrowers presumes that there is equity in the home, or the borrower has had plenty of time to save in order to pay for the extra percentage. There is also a fee for VA refinance loans, and they fall within the same general price guidelines; just above two percent for first-timers and just above three percent for those who borrow again.
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VA Loan Rates
for 11/21/2008
30 year fixed
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0.000 points
6.500%
6.618% APR
15 year fixed
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0.000 points
6.500%
6.694% APR
Life Insurance for Military Members
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- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College
FHA Refinancing
Refinance
with
an
FHA loan
FHA lenders
provide an effective way to put your home equity to work.
VALoans.com is a private company specializing in VA financing and is
not a government agency.
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Get Started with a
VA Home Loan
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