Here in Alameda, much of the higher priced real estate on Harbor Bay Island, or Bayfarm Island, has been hit hard recently by the market. Many pockets of the Bay Area are stable now, however, this higher priced area is losing equity.  We were able to help many of the Veteran Homeowners refinance and save their homes with a niche VA refinance product. We can go to 95% of the current appraised value and the best part is there is no Mortgage Insurance!

Now is an incredible time to refinance your home with a VA mortgage loan! You can take advantage of lower interest rates that can ultimately save you money in both the long-run and the short-run by lowering your monthly payment.

If you currently have a conventional loan, you can refinance into a VA loan if you are an eligible veteran or member of the armed services. Transferring from a conventional mortgage to a VA mortgage is known as a “Conventional to VA Refinance Loan” and is a very straightforward process.

In 2008 a law titled the “Veteran Benefits Improvement Act” was passed to assist veterans who were upside down on their mortgage. This law created the opportunity for eligible veterans to get a VA refinance and improve their financial circumstances.

Of course, you are also allowed to refinance your home if you currently have a VA mortgage. An Interest Rate Reduction Refinancing Loan (IRRRL) is considered a VA Streamline Refinance. This is a quick and easy way to either lower your monthly mortgage payment or take money out of your home with minimal work, at no cost to you!

There is a great opportunity in the market to refinance a VA loan you or someone you know may have! To learn more feel free to contact us, we are here to help you and we love serving those who serve.

Other VA Posts You May be Interested in:

VA Interest Rate Reduction Loan

VA Mortgage Loans in Alameda, CA- a Piece of Island History

VA Loan Requirements and Eligibility in Alameda, CA

Approved Property Types and Loan Limits for VA Loans

Is a VA Loan Better than a Conventional Mortgage