If you are looking to refinance the home that you own using your VA loans eligibility, here are some simple steps you can take to do so.
• Go to the Veterans Administration website. Navigate to the VA home loan section and you will see a link that directs you on obtaining your VA certificate of eligibility. After application, you will receive your certificate of eligibility within 4 to 6 weeks.
• Check your credit. Refinance rates are based on your FICO, or credit score.
• Get a comparative market analysis done by a real estate professional.
• Shop at least 5 different lenders. Since rates and fees vary from bank to bank, check the banks that you do business with first. They will provide you with fee information and current interest rate information when refinancing your home with a VA loan.
• Let your loan officer know that you have pulled your credit reports, and what the scores were.
• Sign the disclosure statements.
• Prepare for an appraisal.
• Schedule your closing at the title company. Your closing appointment on your new mortgage loan will take approximately 3 hours to complete and sign all of the paperwork.
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