A veteran and service member streamlined refinance program from NewDay USA, one of the nation’s leading VA mortgage companies, enables military families to lower their mortgage payments while paying no appraisal fees and no out-of-pocket costs. Additionally, the program does not require income verification in most states.*
The program, currently being advertised on FOX, History Channel, and American Heroes, is designed to help veteran homeowners take advantage of a recent drop in mortgage rates. At the end of July, the national average rate on a 30-year mortgage guaranteed by the Department of Veterans Affairs was 3.96 percent, nearly 80 basis points lower than a year earlier, according to data reported by mortgage technology provider Ellie Mae. VA rates are also lower than conventional and FHA rates.†
“As long as military families are current on their VA mortgage, they will qualify for our streamlined VA refinance program, which allows them to finance closing costs and avoid paying for a full appraisal,” NewDay USA Chairman Retired Rear Admiral Thomas Lynch said. “Having earned their VA benefits through their honorable service to our country, and with rates near their lowest levels in a half-century, many veterans and active-duty service members can take advantage of a once-in-a-lifetime opportunity to lower their mortgage payments.”
“We’re trying to help every veteran and service member get back on the road to building their savings,” Lynch added.
To qualify, borrowers must have made six payments on their VA loan and be able to lower their current interest rate by 0.50 percent if they are refinancing a fixed-rate mortgage to another new fixed-rate loan. Once they have applied for a loan with NewDay, customers will be guided through the refinance process by a NewDay account executive who has been thoroughly trained about the military lifestyle and how to best serve military borrowers.
NewDay USA Founder and Chief Executive Officer Rob Posner noted that, “Today’s low interest rates have created an opportunity for all current and former members of the military to take greater advantage of their VA benefits. We are honored play our part.”