Florida VA Refinance



The Veterans Affairs (VA) has very attractive mortgage programs for active service people, veterans or their surviving spouses. The VA mortgage loan enables eligible applicants to purchase homes without having to make down payment or pay mortgage premiums and still enjoy very competitive interest rates. And that is not all. If you already have a VA loan and are a Florida resident you may qualify for a Florida VA refinance.


By refinancing your VA loan, you get to lower your interest rates and enjoy lower monthly payments. And you can even get cash in the process if you opt for a cash-out VA refinance. With the current Florida interest rates at historic lows, it may be economically sensible to refinance your VA mortgage. Moreira Team is ready and able to help you determine the feasibility of a Florida VA refinance. Call us, and our mortgage gurus will do a cost-benefit analysis for you.


To qualify for a Florida VA refinance, you need to already have a VA loan. Other requirements include timely payments for the past one year and 550 minimum FICO. Your refinance will not require any out-of-pocket expenses, and you may even get a full escrow refund. Closing costs are the lowest of any loan – a mere 0.5% of the loan amount (on average). Besides, you can refinance up to 100% of your house’s value, no monthly insurance, no appraisal, no income check and you get a streamlined process.


You may want to know that there are two VA refinance options in Florida. The first is the Interest Rate Reduction Refinance Loan (IRRRL) which reduces your current interest rate. The second is the cash-out refinance option which reduces your current interest rate and also gives you the chance to get cash in the process. So which of the two is better for you? Read more about the two types here on Moreira Team and find out.



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