Don’t sleep through the opportunity of a lifetime! I’m talking about acting on this simply astounding historical opportunity to get a VA refinance home loan. What makes this opportunity historical is the record low VA home mortgage rates. About 75% of mortgage applications last week were for refinancings, according to the Mortgage Bankers Association. The low rates are projected to draw even more buyers into a housing market that has already heated up considerably.
“The housing market is getting a boost, with mortgage rates hovering at or near record lows,” said Frank Nothaft, Freddie Mac’s chief economist. He noted an increase in the rate of existing home sales—to nearly 5 million a year during the first quarter of 2013 and the most since the fourth quarter of 2009.
Maybe you are already in a comfortable mortgage situation. But is there something sort of moving around in the off-stage portion of your brain that keeps ringing the bell for you to find out if you might improve your circumstances? It does not hurt a bit to just run a quick check on your VA loan numbers.
Of particular interest to you should be the low 15-year rate, where you can benefit from substantial savings by refinancing from their current 30-year fixed rates. This strategy isn’t going to work for everyone, but it offers some very attractive possibilities to certain homeowners, for example, those having a 30-year VA home loan with an interest rate at 4.75 or higher and 20 years or more left on the loan.
These are exciting times for veterans looking to take advantage of their VA mortgage loan and VA refinance options. Let’s run the numbers for a veteran home loan owner with a current 30-year VA home loan of $100,000 at 5% interest. Refinancing with a 2.6 % 15-year loan means your interest payment will be around $21,000 for every $100,000 borrowed over the course of the loan—compared with more than $93,000 in interest on the 30-year loan. (On your 15-year VA refinance you pay only 22.6 % of the interest that you would have paid with the 30-year loan.)
LowVARates.com, a Division of Flagship Financial, is one of only a few lenders in the nation allowing veterans home owners to refinance a VA home loan without an appraisal, AVM (Automated Value Method) or FICO score requirement.
“We have a very unique situation where we are basically able to refinance any veteran with a VA home loan,” owner of LowVARates.com, Eric Kandell said. “With the rates as low as they are right now we have helped hundreds to thousands of veterans with subpar credit get locked in at lower interest rates.” LowVARates.com actually specializes in working with veterans whose credit scores are lower. They have helped many veterans get into homes with credit scores 150 points lower than what other lending institutions were requiring.
Here’s more good news for you: home appraisals are standard procedure for veterans looking to purchase or refinance their home. LowVARates.com does not require an appraisal to refinance an existing VA loan, saving the typical borrower from $400-$500.
One thing is certain: you won’t know how you can personally benefit from record low interest rates and the accommodating policies for veterans mortgage loans at LowVARates.com unless you reach out and see what can happen!
