FULTON, Md., Sept. 26, 2019 /PRNewswire/ -- 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."
About NewDay USA
NewDay USA is a nationwide VA mortgage lender focused on helping active military personnel, veterans, and their families achieve their financial and housing goals. NewDay USA is also a Ginnie Mae (GNMA) approved issuer/servicer. The company employs best practices in mortgage lending and career growth for mortgage professionals. Consistent with its mission, NewDay is a philanthropic partner of numerous organizations focused on assisting military veterans and their families in need. The NewDay USA Foundation provides four-year scholarships to the children of fallen and severely disabled military veterans to attend JROTC military high schools across the nation. The company is also a major philanthropic partner of the Medal of Honor Foundation, the USO, Boulder Crest Retreat for Military and Veteran Wellness, and is a major sponsor of the Military Bowl. Community service and giving back in the form of volunteerism also play a significant role among the NewDay USA workforce. NewDay USA is a registered trade name of New Day Financial, LLC (NMLS # 1043), which is a key holding of Chrysalis Holdings, LLC, a premier private investment company focused on the financial services industry. For more information about NewDay USA, visit www.newdayusa.com.
*Minimum FICO score of 600 and must remain in first lien position. Borrowers in Colorado, Illinois, Massachusetts, Maine and South Carolina must meet certain income requirements.
Strategic Vantage Marketing & Public Relations
SOURCE NewDay USA