Find the Most Suitable VA Home Mortgage Refinance Interest Rate [mortgageloan-processor.blogspot.com]
Question by : Should I refinance my mortgage interest rate? Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed. Best answer for Should I refinance my mortgage interest rate?:
Answer by someone
Unless you get a rate of 4.5% don't bother. Closing costs will eat up the small monthly savings
Answer by Lisa L
Have a loan officer run the numbers for you. You have paid down your mortgage so your balance will be less, therefore your loan amount will be less. Look at a 20 year mortgage. If you have good credit you can get below 5%. You will skip making a payment the first month of your new loan so plan on bringing that amount to closing rather than putting all costs in your loan. If you intend to stay in your home for several more years it may be worth it to refinance. Get opinions from several lenders. Then you can make an educated decision.
Answer by Paul
Can you refi into a 15 year loan? If you are in a 30 year loan and you refi, you'll go back to square one to save a few bucks each month. 30 more years of payments! If you are planning to move in the next few years and don't think you can afford the current payments, then maybe a refi is a good option. If you are planning on staying in the home for a long time and you dont have a problem with the payments then I wouldnt do it... If you could get a really good rate (you have good credit) on a 15 year loan and your payments are going to end up about the same I would do that for sure...
VA home loans benefit is regulated by the Department of Veterans Affairs for the veterans of US military, both on retired and active list. It provides 100% financing for the veterans with Zero down payment option, with looser qualification guidelines for VA home loan interest rate. VA home loans provide home loan at attractive and flexible interest rates. The mortgage hub has experts who are qualified, specifically to capitalize on the VA Home Loan Interest Rate available for veterans.
VA Mortgage Loan: VA loans puts across certain minimum property options, which an applicant must fulfill for being eligible for VA Mortgage Loans Rates. Generally it dictates that the home should accomplish basic residential amenities such as living, sleeping, cooking and dining, and sanitary facilities etc. Also the home must possess the mechanical system prerequisites, in addition to some basic stipulations for home like heating, water supply and sanitation, ventilation, roof covering, crawl space, and electricity.
Fulfilling these requirements will institute the safety and provide the home with desired VA standards and will solidify the VA home loan chances. The very purpose of putting across these VA property qualitative requirements is to maintain the building code, federal directives and maintain the HUD demands. If all these necessities are met then VA mortgage loans rates shall rightly fit into the frame of VA loans.VA Re-finance rates: VA loan provides loans at interest rates which are same for both VA home loans and VA streamline Re-finance. The interest rates are as under:
1.
For 30 yrs fixed period interest rate of 4.750%.2. For 15 yrs fixed period interest rate of 4.000%.
The re-finance interest rate option offered by the VA loan is applicable for those individuals, who already own a property after becoming certified for a VA loan and thus have a chance to refinance their current loan in order to lower their present interest rates they are paying. For becoming eligible for VA Refinance Rates one must have spent a term of 6 months under VA loans and the interest rate should have been higher at the time of purchase of home.
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