Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
If you’re a veteran or surviving spouse who qualifies for a VA loan, you might be wondering if it’s really the most cost-effective way to buy a home. Since VA loans do have a wide variety of benefits, most people would say yes. But, in reality, the truth can be more complex; while VA loans are often the best option for eligible borrowers, they aren’t always the smartest choice. Keep reading to learn when to use a VA loan and when to stick to a conventional mortgage, and why.
Read MoreLoans from the Department of Veterans Affairs, commonly known as VA loans, are some of the most attractive home loans out there -- offering the potential for zero down payments and qualification with credit scores as low as 620. If you served in any branch of the U.S. military and separated under any condition that is not dishonorable, you might qualify for a VA loan.
Read MoreIf you have a VA loan on your current home, you can refinance it into a conventional loan-- but it might only make sense in a few, very particular situations. Since conventional loans typically have higher interest rates and charge monthly private mortgage insurance (PMI) premiums, you probably wouldn’t want to refinance your VA loan just to save money on your mortgage payments.
Read MoreIf you have a VA loan, can you refinance it? The answer is a resounding yes. There are several reasons why a borrower might want to refinance their VA loan, including trying to get a lower interest rate, increasing or decreasing the term of their mortgage, and tapping the equity in their home in order to get some cash.
Read MoreUnlike typical cash out refinancing, a VA cash out loan actually allows you to take out cash with a 100% loan-to-value ratio (LTV). That means you can take out all of the equity in your home and convert it to cash. For example, if you have a $300,000 home and you owe $200,000 on it, you could get the entire remaining $100,000 in equity at closing (minus any closing costs.)
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