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With rates so low, Americans are refinancing their home loans in droves. Veterans and military personnel have even better deals in store.
Since the Veterans Administration introduced its home-loan program toward the end of World War II, U.S. veterans have enjoyed a low-cost alternative to conventional mortgages.
Refinancing a conventional bank loan with a VA loan can save veterans even more.
The two main advantages of VA loans: The ability to refinance up to 100 percent of the home’s value, and no need to purchase mortgage insurance.
But every case is different. Experts suggest veterans take a good look at their own requirements and shop around among lenders before signing up for a new mortgage.
“At the end of the day, the needs of that veteran should come first,” says Scott Robinson, a board member with the Veterans Association of Real Estate Professionals, or VAREP.
Ready to refi your mortgage loan? Compare mortgage rates at Bankrate today!