Military veterans and service members can take advantage of an opportunity to refinance their mortgage for a lower interest rate. If you recently received in the mail a mailer from LowVARates.com explaining if your current mortgage rate is a fixed rate over 2.25% then you could qualify for a reduction in your rate and potentially save hundreds of dollars per month on your mortgage which equals to thousands of dollars over a year. If you are interested in learning more about this offer the promotion period for this offer ends on January 1, 2016 so you will need to act fast.
Veterans can visit the website (myvamailer.com) to start the online application process. Low VA Rates will work with customers interested in applying for a new home loan or a refinance. Both options are on the homepage of the site for selection. In order to qualify for a reduced rate your current loan must be a VA loan. The online loan process is pretty basic asking a few questions about your credit score, the state your home is located in, your current interest rate, your loan balance, and basic personal information.
After completing the brief online application you will receive a phone call from a VA loan expert to continue the application process over the phone. When communicating with the loan expert you will need to have handy your W-2, paystubs, refinance amount, a reason for refinancing, DD214, and ready to discuss any negative inquiries on your credit report. The process may take some time so having these items ready will be a big help to the process.
Customers can expect with this program no minimum credit score requirement, no employment verification required, no home appraisal needed, and a possible cash refund from the current lender. When applying you will need to inform the loan expert of your Exclusive Veteran Access Code which is highlighted on the mailer.