Chad C. Childress is a unique and experienced Real Estate and Wealth Creation expert. When he was only 24 years old he founded his own Mortgage Planning Practice, Stone Ground Consulting, LLC. He has founded and owns multiple Real Estate, and wealth creation companies. He is a visionary in the Real Estate industry, with his ultimate purpose being the financial independence of EVERY ONE of his clients. Chad has spoken for and trained at numerous Real Estate Investment groups and hundreds of Real Estate Brokerages. His broad experience in the Real Estate and Financial industries have helped him to become one of the top Real Estate trainers in the Western United States. This is no secret, as Chad has been inducted into the MONTCLAIR WHO'S WHO IN REAL ESTATE for 2007. Chad is the publisher of "Real Estate Agent Magazine," Founder of "Real Estate Agent University," Publisher of "Strategic Homeowner Magazine," and is currently writing his first book entitled: "Money Magnet: Retire Right, Retire Right Now." He has helped hundreds of people to achieve Financial independence
It is amazing how many options are actually available to veteran homeowners when it comes to refinance. You can accomplish just about anything you want nowadays.
There are two basic types of refinance loans. Cash-Out and No-Cash-Out. There are also special Streamline loans available to anyone with a current VA mortgage. Streamlines are known for their incredibly fast and easy qualification process, but for now let's talk about the more conventional refinancing options.
No-Cash-Out Refinance
This loan is also referred to as a Rate and Term loan. The best reason for a borrower to choose a Rate and Term loan is to lock in a favorable interest rate. Let's say for now that you purchased your home at a competitive rate and have a 30-yr fixed rate and that you've been paying on this loan for 5 years already. Now interest rates drop suddenly and you would like a lower monthly payment but don't need any extra cash from your home's equity. If this scenario sounds familiar, then a No-Cash-Out Refinance is in your best interest.
Cash-Out Refinance
Some of the most common purposes for taking cash out against your home's equity include Home Improvements and debt consolidation, but the money you borrow based on the difference between your home's mortgage balance and resale value can be put toward any number of useful endeavors. And let's face it, even the best of us fall on tough times at some point in our lives. When this occurs, it is imperative to have extracted the idle equity from your mortgage before the damage that financial hardships can cause to your ability to qualify for loans is done. No credit card or revolving account's interest is tax deductible, while most mortgage interest IS. What that means to you is that consolidating your bad debts into solid mortgage terms is a great way to leverage your finances.
So... you're probably asking yourself by this point "where exactly can I go to find some solid information about what's going on with these programs right now?" There are a number of places you can go, starting with your VA regional office, to find out what exactly the current terms and benefits are that are available to you right now.
Another source is a VA loan specialist, or mortgage loan professional who is qualified and trained in the various nuances of VA loans. To find one of these, I recommend you start at http://www.vareficenter.com
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