On USDAloans.com, you can start the process of applying for mortgage loan refinancing. You can also use the site’s abundance of resources to learn more about USDA loans and how they apply to you.
USDA loans are backed by the United States Department of Agriculture Mortgage program. They are designed as zero down payment mortgages for rural and suburban homebuyers. If you’ve already qualified for and been granted a USDA loan, USDAloans.com can help walk you through the mortgage refinancing process.
The USDA offers three refinancing offers to lower rates: USDA Streamline Refinance, USDA Streamline-Assist Refinance, and Non-Streamlined Refinance. USDAloans.com can help you understand the differences between these options and help you decide which may work for you. Even if your location is no longer deemed rural because the area around it has been developed, if you qualified originally for a USDA mortgage, you still may be eligible for mortgage refinancing.
Let’s take a closer look at everything USDAloans.com has to offer.
Pros and Cons of USDAloans.com
- Fast online process
- Connects you with a variety of potential lenders
- Plenty of extra resources available
- Not a direct lender
- Not affiliated with the U.S. Department of Agriculture
What To Expect
When you head to USDAloans.com, you’ll want to click on either the “I want to buy a home” or “I want to refinance my home” button. In this case, you should select the refinance option. From there, it’s a simple matter of inputting your zip code and then answering a handful of questions, including:
- What type of home loan are you refinancing?
- What is your home loan refinancing goal?
- The remaining balance of your current loan?
- Your current mortgage interest rate?
- What kind of home do you currently own?
- Have you ever served in the military?
- What is your employment status?
- What’s your gross annual income?
- Have you declared bankruptcy in the last 3 years?
- Current credit score?
The site will then match you with a lender that can meet your needs.
In order to qualify for USDA mortgage refinancing, there are a few guidelines and requirements that you need to meet. According to USDAloans.com, these requirements include:
- “The mortgage to be refinanced must already be a USDA loan (Guaranteed or Direct).
- The mortgage to be refinanced must be current for the 180 days prior to the refinance request.
- The existing loan must have closed 12 months prior to the USDA refinance request.
- The homebuyer must meet the USDA’s debt-to-income ratio and credit requirements.
- The maximum loan amount must not exceed the original loan amount at time of purchase.”
Additionally, the website offers a variety of helpful tools, including:
- USDA Mortgage Payment Calculator
- 2021 USDA Loan Income Limits
- Articles and guides about all aspects of the USDA loan program, including benefits, eligibility, income limits, loan rates, and more
Costs and Customer Service
It’s free to use USDAloans.com to find a lender and use their plethora of educational materials. If you choose to move forward with a lender’s offer, the terms of the loan refinance will be determined by the lender and the USDA.
USDAloans.com can be contacted by email. Most customers have reported that reaching customer service is an easy and overall pleasant experience.
The Bottom Line
If you’re looking to refinance your mortgage and you already have qualified for and obtained one through the USDA, then USDAloans.com could be a helpful resource. You can use the website to check your eligibility and find a lender for your situation. The site’s handy articles and guides are also worth checking out. These supplemental resources explain the benefits of USDA loans, calculate your refinancing options, and answer questions that you may have.
As you compare top mortgage refinancing lenders and explore your options, USDAloans.com could be a good place to start.