Refinance Tips For Veterans

Getting a refinance for veterans can be an intimidating and confusing process, but it doesn't have to be that way. There are three things you can do to make the refinance process for veterans smooth, easy, and clearly understandable.

1. Be willing to take the extra time to have your loan specialist explain all the aspects of the refinance for veterans and how it works.
   
   Most good VA loan specialists are willing to take the time to explain all of the ins and outs of the refinance process for veterans and of the features of the loan you are looking for. Unfortunately, many borrowers do not want to take the time out of their schedules to really understand their loan. Your mortgage is the largest debt you will ever incur so you had better understand how it works.
   
   Be sure to ask about Prepayment Penalties, how long the rate is fixed for, what the closing costs are, what the APR is and what the underwriting process is like.
   
   
2. Be willing to provide all necessary documentation and information to a legitimate company.
   
   Many veterans are shy about disclosing the reality of their refinance situation whether it be unstable income, poor credit, lack of personal assets, etc. What they don't realize is that the more honest and upfront a borrower is, the better chance that he will get approved for a refinance. It is like going in to a doctor and saying " Doc, I am really sick. You have to help me but I won't tell you where it hurts or what my symptoms are." There is no way that the Doctor can prescribe the proper treatment for that ailment without the right information. The same can be said of your debt manager (Loan Officer) in giving you the loan that is best suited for you.
   
   
3. Will you show me in writing?
   
   Demand to be shown in writing what the refinance will be doing for you. Ask for a Good Faith Estimate "GFE" and a Truth in Lending Statement "TIL." during your refinance for veterans. Do not be afraid to ask a veteran specialist at VArefiCENTER to provide you with any extra information about your refinance for veterans - they will be delighted you did!