Refinancing estimate for home mortgages in Hawaii
Estimate How Much You Can Save By Refinancing
This free VA mortgage refinancing calculator will show you an estimate of how much money you may save each month when you refinance with a VA Refinance Loan.
What are the closing costs for a VA home mortgage refinance?
Closing costs include all VA refinance or purchase loans. In addition to VA Funding fees, mortgage closing costs may consist of rate discount points, a lender origination fee, recording and title fees, VA appraisal costs, and more.
Generally, closing costs range between 3%-5% of the total VA loan amount. Depending on the borrower, closing costs may vary, so speaking with an Oahu VA loan officer will help prepare you for the costs associated with refinancing your home in Hawaii.
How soon can a VA home loan be refinanced?
Lender guidelines for seasoning windows may vary. However, most will require a borrower to have made a minimum of six-monthly payments on the VA mortgage that is being refinanced. As an added note, the date of the loan being refinanced will generally need to be no less than 210 days after the date in which the first loan payment was due for the home mortgage being refinanced.
Asking yourself who can I speak with about refinancing a VA loan near me? Contact Elias Halvorson, your local Honolulu VA mortgage officer today for details about refinancing your home.
It is typical for lenders to finance these additional costs into the new refinance loan. In some cases, refinancing can result in higher finance expenses over the duration of the VA loan.
Cash-Out Refinance vs. VA Streamline (IRRRL)
The Hawaii VA loan program offers two primary refinance options. The Cash-out refinance, and the IRRRL program have a few differences to consider when accessing which option is right for you. The Cash-out refinance program can be used for non-VA and current VA home loans. Borrowers must be primary residents of the state where the refinance occurs. As part of this refinance program, homeowners can exchange cash for equity. However, a VA appraisal is required, and standard funding fees apply. The IRRRL or VA Streamline loan can only use on existing VA home mortgages and there is no cash received for equity. This loan can use for primary and secondary residences as well as investment properties. As a final note, the IRRRL has a 0.5% funding fee, and no appraisal is needed.
Is it worth having a VA refinance?
The circumstances for homeowners are different for everyone. In some cases, refinancing can allow veterans to use equity to pay off debts, make improvements to a home, or save money. On the other hand, military homeowners may need to consider how long it will take them to recoup refinance costs. A homeowner that intends to move to a new home within a year or two may want to examine whether it makes sense to refinance your VA mortgage.
Determining financial goals is crucial to managing the cost associated with owning a home. An Oahu loan specialist can assist you by explaining what your options are. Rates can fluctuate based on several factors. On the bright side qualified Veterans and active-duty service members have access to VA Refinance Loan rates are generally lower than alternative options.
