Since Park Ridge VA loans are backed by the government, lenders can often offer lower rates than they would be able to for a traditional loan. Eligible service members will generally pay a better interest rate with a VA loan than they would have with a conventional mortgage. You’ll continue to enjoy excellent interest rates with your cash-out refinance loan, as well. Rates for Park Ridge, Illinois VA loans are not set by the Department of Veterans Affairs, despite popular belief. VA-approved lenders and brokers set their own rates, often on a daily basis. VA loan rates change with the financial market just as rates for conventional mortgages do.

WHO IS ELIGIBLE FOR A Park Ridge, IL VA CASH-OUT REFINANCE?

• Active members of the military
• Veterans
• National Guard members
• Reservists
• Spouses of military members who died during active duty
• Spouses of military members who had a service-connected disability
• Spouses of military members in some other situations

BORROW UP TO 100% OF HOME’S APPRAISED VALUE

With the VA cash-out refinance, you can borrow up to 100% of your home’s appraised value. Because of this, all homes must have a full appraisal done. However, the borrower does not ever have to borrow the whole amount of the Park Ridge home’s value.

PAY OFF OTHER DEBT

If you refinance with a Park Ridge, IL VA cash-out refinance, you can save yourself a lot of money on interest by paying off other debt. Interest on your credit card debt, for instance, is probably much higher than the interest on your refinanced loan will be. You can pay off credit card debt, as well as student loans or auto loans, as part of your cash-out refinance. Debt is often a very harsh cycle. People who have trouble making debt payments often see a drop in their credit scores. People who have lower credit scores have to pay a higher interest rate, making it even harder to pay down debt. By tapping into your home’s equity, you may be able to break this cycle and put yourself in a better financial situation. By consolidating your debt, you have a better shot at managing your overall debt load. You may even be able to lower your total monthly debt payments.

GET CASH BACK

The Park Ridge VA cash-out refinance allows you to get cash back from the equity you have in your home and then use it at your discretion. This lump sum can be used however you see fit, including to pay for school or home improvements or repairs. The cash you receive can be used for any purpose that is acceptable to the lender.

NO RESTRICTIONS ON TIMELINE

The VA cash-out refinance allows you to get cash back from the equity you have in your home and then use it at your discretion. This lump sum can be used however you see fit, including to pay for school or home improvements or repairs. The cash you receive can be used for any purpose that is acceptable to the lender.

EASY QUALIFICATION PROCESS

One of the key factors in securing a good deal on a home purchase is having a high credit score. In fact, you often need a good credit score to get a mortgage at all. But it’s different with VA loans and refinances—you can usually get a good loan even with a low credit score. The VA does not require a minimum credit score, although lenders usually have some requirements to minimize their risk. But because this is a benefits program, guidelines are often more flexible than they would be for conventional loans. You can even apply for a Park Ridge, Illinois VA refinance just two years after a bankruptcy has been discharged. A full explanation of the bankruptcy will be required. Job stability is a must in this situation. It is also possible to apply for a Park Ridge VA refinance just two years after a foreclosure.

Get a Lower VA Mortgage Rate By Calling 888-208-9797 today.  Start your VA Loan Now.

Interest Rate Reduction Refinance Loans (IRRRL) is a program that helps current Park Ridge VA borrowers to refinance at lower interest rates with little to no out-of-pocket costs. IRRRL also means little paperwork, swifter processing times, and many times eliminates the need for an appraisal. In fact, this is often considered the most beneficial type of refinance option for veterans who currently have a Park Ridge VA loan. With a VA streamline loan you can qualify without a bank account or income verification. The required funding fee is lower than Park Ridge, IL VA purchase loans and closing costs are often wrapped into the loan, meaning no out of pocket costs. Eligibility requirements are for current VA loans, with a 12 month record of on time payments and no more than one late payment within the past year. It’s also used for borrowers currently living in the home as a primary residence. There are certain instances where this requirement may be weighed; for example if the home had previously been a primary residence but relocation forced it to become rental property. The purpose of this loan is to help put veteran borrowers in Park Ridge in a better financial situation. With lower monthly payments, borrowers are more likely to make payments on time.

If you’re looking for a personal mortgage experience you’ve come to the right place.  Get the best of both worlds with a designated VA professional plus technology.  What’s even better are the lower rates, no upfront fees and fast closings. 

Rates so low the nations largest VA lenders panic when consumers find out about our Smart VA Mortgage Rates.

Connect with your personal VA Loan Expert by calling 888-208-9797.

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