A veteran and servicemember streamlined refi program from NewDay USA
has been launched to enable 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.
"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," said NewDay USA Chairman Retired Rear Admiral Thomas Lynch. "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 servicemembers 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.”
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.
"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,” said NewDay USA Founder and Chief Executive Officer Rob Posner. “We are honored play our part."