We recommend to service men and women to review their current mortgage and personal finances to determine if there is an opportunity to take advantage of lower rates and decrease their monthly mortgage payments. In addition, homeowners may qualify to get cash back on a VA refinance and use the proceeds for a variety of needs.
Speaking to a loan specialist can help you determine if refinancing to pay off debt or make home improvements makes financial sense compared to other higher rate financing options. With low interest rates, now is a great time to take advantage of the numerous benefits found in a VA refinance.
First Step – Gather Your Information
• Last two most recent bank statements for all accounts (all pages) • Most Recent Two Years of W2s and/or 1099s • Most Recent Two Years of tax returns (all pages) • Clear copies of driver’s license/identification and social security card • Proof of Military Service (copy of active service statement or DD-214) Click Here to download request form. • Copy of most recent pay stub(s) covering the last 30 days of pay • Copy of VA disability letter, if applicable.
Next Step – Review Your Recent Credit Reports and Score
In order to refinance your mortgage, it is important to know your current credit score and review your reports. With your reports, you can address any negative credit items, verify all information contained is accurate and protect yourself against identity theft. Credit scores fluctuate monthly and it is important to track changes. The difference in a fair and good credit score could be thousands of dollars over the life of a home loan. Credit Scores affect the rates you receive on credit cards, home loans, car loans, and many other loan products. Know your score and watch it closely! Click Here if you do not have access to your current credit report and scores.