Summit, IL VA Refinance Qualifying
Summit VA Home Refinance Qualifications

NO LATE PAYMENTS IN LAST 12 MONTHS

You must have made the last twelve of your mortgage payments on time to be eligible for a cash-out refinance with VA Mortgage Centers. This is important because it shows that you are responsible and are able to make your loan payments on time.

DEBT-TO-INCOME RATIOS

Your debt-to-income ratio is the amount of your monthly gross income that goes toward debt. The VA’s acceptable debt-to-income ratio is 41%. VA Mortgage Centers can help you figure out what your current debt-to-income ratio is. It’s a complicated process because there are exceptions and variables that can affect your final ratio. If your debt-to-income ratio is higher than the VA’s threshold, you can lower it by paying off debt before applying for your refinance loan. VA Mortgage Centers can discuss your options with you so that you will be eligible for a refinance as soon as possible.

CREDIT CHECK

It’s important for the lender to check your credit again with a cash-out refinance, since it’s an entirely new loan. VA Mortgage Centers checks your credit to make sure that you are still financially stable. If you’re thinking of applying for a cash-out refinance in the near future, it’s a wise idea to pull your credit reports and check for any inaccuracies. If you find any, those inaccuracies should be disputed and taken care of before you start the refinance process.

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

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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 Summit VA Mortgage Rates.

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

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    A summit is a point on a surface that is higher in elevation than all points immediately adjacent to it. The topographic terms acme, apex, peak (mountain peak), and zenith are synonymous.

    The term top (mountain top) is generally used only for a mountain peak that is located at some distance from the nearest point of higher elevation. For example, a big massive rock then to the main summit of a mountain is not considered a summit. Summits near a higher peak, with some prominence or isolation, but not reaching a certain cutoff value for the quantities, are often considered subsummits (or subpeaks) of the higher peak, and are considered part of the same mountain. A pyramidal peak is an exaggerated form produced by ice erosion of a mountain top. Summit may also refer to the highest point along a line, trail, or route.