Pros and cons of the VA cash-out refinance loan
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- Опубликовано: 7 сен 2024
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Video Description:
We've been really hyping up the VA cash-out refinance all year, but at Low VA Rates, we're nothing if not honest. And the truth is that VA cash-outs are AMAZING loans. However . . . they might not be the right loan for every veteran in every situation, which is why we're going over both the pros and cons of getting one.
Starting with the pros, VA cash-outs allow you to pay off bad, high interest debt and replace it with good debt. And because you can borrow up to 100% of your home's equity, you can use that money however you want! For example, you could increase your home's value by paying for improvements or use it to pay for unexpected expenses.
Now, some of the cons you might want to consider before getting a VA cash-out are things like closing costs and the VA funding fee, increases to your rate and monthly mortgage payment, and the risk of default and foreclosure. While these are all important things to be aware of, they also have good that can offset them. To discover these silver linings, make sure you watch the video all the way through!
HOW TO GET RED SWAG: • How can I get RED Frid...
UNEXPECTED HOMEOWNER EXPENSES: • First-time home buyer?...
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator.
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Kind of Iffy I got a good rate but have done tons of work on this property . complete 3 lot landscaping project. 2 built screened in porches . 2 decks 2 wooden walkway side walks. Large addition to back of garage for crafts. Plus fruit trees and berry bush.
That could really improve your value so if you want to do a cash out, give us a ring!
I'm days away from having to commit to a VA Cash Out Loan. My biggest concern is that I currently have a 4.25 interest rate, and my new loan is looking like 7 to 8%.
I'm just looking to pay off my vehicle and some high interest home improvement loans. My other problem is that the vehicle will eat up most of the loan. I'll only be able to pay off one other loan.
You want to see what your BLENDED rate will be and the good news is that once you make 6 payments on your VA Cash Out loan, you can do a streamline to a lower rate (if they are lower at that time) and the FED should be cutting rates in the coming 6-12 months according to most reports.
should i really get a va cash out refinancing loan when i got locked in at 3.8% for 30 years? ...Isnt the current APR as of 2023 like 6%?
If you have enough credit card debt then absolutely as that debt is in the 20% range I bet. You can always refinance when rates come back down.
Don't do it. You Will pay ungodly amount and interest for how long it's going to be drawn out. Good rule of thumb is never borrow off your house.
Just talked myself out of this...I bought in 2020, original price of $175K. have a low interest rate over 30 and low payments already...I think anything else would make my situation bad. I've got 1 cc with $400 loan against it.
BUT... This is what I'm considering.
I'm considering my age
My income
And my kids age in incomes
I have two kids 20 years old and 22
They currently live with me, they both work.
My youngest has 70 grand in the bank and my oldest makes about $13,000 a year.
I'm currently 63 and am on disability from the VA and social security
My total income is 3100
No other debt besides the house and a small credit card.
My mortgage is 1200 a month
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But I'm considering telling my youngest, who has no debt, then if he pays me $1000 towards the house payment and his brother would pitch in 300 towards the house payment and I would consider this rent from the two of them.
I would allow my youngest who has the most money invested to take over my large room in the house and I would take over his smaller room.
In 10 years the house would be paid off since there's a balance of 155,000.
The house is currently worth 250, 000
But in 10 years that value should go up pretty good.
So the total payments would be about $1,300 for between the two of them to pay the house off in 10 years.
I myself wouldn't have a payment any longer.
Then in 10 years if they decided to sell then the youngest that had the most investment would be able to make the most in the sale, and the oldest kid would also make money from the sale.
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Does This make sense to anyone... And is it something I should do?
Pros and cons.
The kids are close to me because of my ex-wife abandoning them at 3 and 5 years old And I've been taking care of them ever since they were born but The court gave me full custody back in 2009 so the kids and I have been pretty much stuck like glue everywhere.
Thx for the feedback
Can you use va cash out loan to fix up your home and sell your home? Or there a rule against it?
absolutely and we help with this all the time!
Can I still qualify for a va cash out loan if my property lost value since I purchased?
You can for sure if it has enough value to cover what you want to get as cash out. Do you have any equity left?
Hi Sir any recommendation for a
Bank
Yes, Us Low VA Rates. Do you mean like a mortgage bank? if you are asking about like a savings and checking account bank, any near you would do. I bank at Chase.
@@lowvarates Thanks I spoke with Emilio
@@ramosusarmy You are in great hands