“US Department of Veteran’s Affairs was launching a program that would reward the country’s most sacrificial citizens with assistance in the area of homeownership. 73 years later, not only have the the VA’s little-known mortgage benefits not expired, but record-low interest rates have made them more valuable than ever.
If you took out a 30-year mortgage on your home, you’re not alone. And you could be paying tens of thousands of dollars in unnecessary interest over the course of your loan. But not to worry. The VA’s Refinance program is designed to empower Veteran homeowners with a better mortgage.”
A typical homeowner with less than 20% equity would be required to pay for PMI, but there’s one exclusion: veterans. Through the VA’s refinance program, no PMI is required. That factor alone could put hundreds of dollars back in your pocket each month.