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Killeen-Temple number one in VA loan refinancing

Posted at 9:59 AM, Jul 05, 2021
and last updated 2021-07-09 17:12:56-04

Everybody wants to save money. When it comes to paying bills, your mortgage or rent is probably the most expensive thing in your budget.

Some homeowners are refinancing and when it comes to VA loans, the Killeen-Temple area is number one.

Joshuah Chambers keeps his 1977 El Camino running strong."Hooker headers with Flowmasters all the way to the back," Chambers explains after popping the hood.He's on active duty at Fort Hood.But when he's off post his home is his castle.

In today's world of rising prices every dollar counts."It's always a work in progress," Chambers says.The garage he parks his El Camino in, and the rest of the house are now costing him less.

Chambers is shaving off a couple hundred dollars a month.His secret?He just refinanced with a VA loan this spring and he's not alone.

Experts say the Killeen-Temple area is number one for VA loan refinancing."My wife and 3 kids keep us super busy so being able to have a peace of mind about how much I'm putting into my home you know makes it a lot easier."

A nationwide survey by Veterans United Home Loans shows nearly half of Veterans changed their home buying plans in 2020 because of the pandemic.

Chris Birk is Vice President of Mortgage Insight. "We're seeing homebuyers plant roots in the area like never before," Birk says the survey shows most Veterans are optimistic about buying and they're doing it in record numbers.

"I think part of what's happening in Killeen is a byproduct of what's happening nationally. Veterans are turning to this program in numbers we've never seen. Last year was the biggest in the history of this 80-year benefit program," says Birk.

Part of the draw for Chambers -- the streamlined process."Super convenient. 90 percent of it was done online. No appraisal was needed for our home," Chambers says, which means he has more money set aside for his hobbies and for what matters most, his wife and their three little kids."Just kind of raising the family," Chambers says.

In 2020, the VA backed more loans than it did in the previous two fiscal years combined, beating it's all-time record, with more than 1.2 million loans. Right now, it's on track to keep driving the trend.The VA backed more than 817,000 loans in the first half of this fiscal year, up by 52% from this time last year.