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What out of pocket costs are associated with a VA refinance in CA?

by kevin.morris181 from La Jolla, California. Nov 12th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

VA allows you to finance up to 100% of the home's value, and you can include up to 2% in closing costs. And although VA does not require the property be re appraised, your lender might require that you get a new appraisal. So it's possible your lender would require you to pay for an appraisal upfront. Also, all VA loans require a termite inspection, so you will have to pay for that upfront as well. Your lender could also charge you an upfront credit report fee or an application fee, but understand that VA has some very specific guidelines as to which fees you can and cannot be charged for.. so if you applied and you feel the lender is asking for an unreasonable amount upfront, you should probably contact another mortgage broker for comparison. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Nov 12th 2015
Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

William Acres has answered your question pretty thoroughly for the most part.I would add that there is a VA funding fee added to the loan, and therefor financed so that you need not come with money to cover it as escrow. Nevertheless it is an expense and can tap into some of your equity. All in all, the VA refinance, if a streamline loan without any cash-out requirements, can be quite smooth and at a minimum of cost if any, generally. You will not be paying any of the traditional closing costs normally. At least that is the case with us and a number of other lenders. Sometimes...if your base loan amount stays pretty much the same a streamline VA is worth the ease of doing. If you want to use any equity to pay off debts or home improvements then you will want to consider a full V A refinance with appraisal. That would not require you come in with any money to escrow.

Nov 12th 2015
Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 124 contributions

William Acres answered your question thoroughly. We lend in CA. If you have any questions or need us to help you with your financing feel free to call me at 864-325-7035. I'm also a Vet. Semper FITodd

Nov 13th 2015
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