VA Streamline Refinancing Ideal with Cheap VA Mortgage Rates [mortgage-assumption.blogspot.com]
Question by amanda m: i got approved for a 264k loan va mortgage rate 5.5 with .5 point? How does that .5 affect my monthly payments? does it affect? is it worth trying to get a deal with 0 points Best answer for i got approved for a 264k loan va mortgage rate 5.5 with .5 point?:
Answer by golferwhoworks
zero points tells me a 6% rate as no loan is free and mortgage professionals do not work for free do you?
Answer by Glenn S
that sounds like a good loan to me.....especially if it a 30 year loan, not so great if it is a 15 year. The APR should be 5.6% to 5.7%....meaning your total cost of the loan.
Answer by Noneya
How about 5% for 1 point?
Jimmy Sgambelluri, NMLS ID# 615259 735 Thimble Shoals Blvd. STE 150 Newport News, VA 23606 A description for how to read a mortgage rate sheet for a VA mortgage, FHA mortgage loan, jumbo home loan, or conventional home mortgage. www.myvirginiahomemortgage.com
mortgage-assumption.blogspot.com FHA mortgage rates, VA mortgage rates How to read a mortgage ratesheet
VA streamline refinancing also called VA IRRRL or ‘VA to VA’, is ideal for U.S. veterans to lessen monthly mortgage payments. It also helps them to transfer from an adjustable rate mortgage (ARM) to an interest rate that is fixed.
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Refinance and Lower your Monthly Payments
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At the time of purchasing your home, you may have been forced to take a loan with the prevailing interest rate. Perhaps, your credit score and also a big down payment would have affected the rate of interest you had to pay every month. Now, with the economy slowly picking up, interest rates are historically low which has made you think of VA streamline refinancing.
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Select the most suitable refinancing loan.
VA IRRRL has the option of shortening your loan period from 30 years to say 20 or 15 years. This, although may increase the monthly payments, will overall help you to save a lot of money in interest. However, you can only use VA streamline refinance if your current loan is a VA loan.Â
More about VA Streamline Refinance
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When you refinance from a VA loan to VA IRRRL, there is no requirement of a CEO. Closing costs can also be added to the new mortgage; hence it helps if you are hard-pressed for cash. Nevertheless, you cannot receive cash from the loan for other expenses, only an amount of $ 6000 for energy efficiency enhancements for your home.
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Even if your current loan is conventional, it’s possible to go for VA streamline refinance provided that you are a veteran and have an adjustable rate mortgage (ARM).
The disadvantage however, is a 2.2% funding fee on this type of transfer. If you are a (10% or higher) disabled veteran, then you are qualified to be exempt from the funding fee.Â
Although there are several lenders in the market, since there is no origination fee for VA, the choice of getting a lender ready to give a cheap mortgage rate may be difficult. Nevertheless, by making efforts you can surely succeed in finding a good VA streamline refinance lender.
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VA Cash-out Refinance
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There are situations when a veteran has to fulfil certain responsibilities and require finances. In such circumstances, a VA cash-out refinance is extremely useful wherein you are able to take a loan on home equity which allows you to receive cash. This VA-guaranteed mortgage refinances a lien against your home.If the borrower has to encounter default or foreclosure, a VA cash-out refinance can rescue him. If the borrower is heavily in debt, he may not have enough cash from this loan as he will have to pay the missed mortgages. A VA entitlement will be reinstated but it will not be automatic.
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