VA mortgage refinancing in the state of Texas is quite identical to VA mortgage refinancing in other US states. However, veterans of Texas have few added options that are not available to veterans of any other state. VA mortgage refinance can turn out to be quite beneficial for you if you have taken a traditional mortgage and are paying mortgage insurance. If you want to, you can stop paying mortgage insurance in Texas.
You can get VA refinance loans up to total value of your house. The best part about VA mortgage refinance in Texas is that closing costs is not too high here. Financial institutions in Texas does not charge huge upfront and transaction fee on the mortgage loan. Qualifying for VA mortgage refinance is quite easy in Texas, as debt ratios are pretty lenient here. Most of time, financial institutions does not implement credit check on you.
The kind of money you can save through VA mortgage refinance depends on how much interest rates you are paying at present. For example if you are paying 3 per cent interest rate on loan and you manage to find a mortgage refinance loan with 2 per cent interest rate, in that scenario you can save anything between $ 300 to $ 500 on a monthly basis in the form of interest rates. You can easily qualify for a VA interest rate reduction loan if you have taken VA loan in the past. Talking about Va interest rate reduction loan, this is to veterans of Texas that are interested in refinancing their original VA mortgage in a much lower rate of interest. There is no credit check or appraisals being conducted on these loans.
Apart from VA mortgage refinance, veterans of Texas can also go for a programs offered by the Texas Veteran Land Board. It includes, home loans, home improvement loans, and loans for other housing needs. Texas Veteran Land Board does not provide refinance loans but if your main objective is to get extra cash for home improvements then these programs can help you immensely.