If you are trying to make ends meet and just need a little help and have a VA loan then a va rate reduction loan may be perfect for you.  A va rate reduction loan allows you to lower your interest rate with out paying any money out of your pocket. All of the fees are included in the new loan and there are no appraisals or credit reports required. The lender may want one but they are not required. You will be able to benefit from having a va rate reduction loan because it will lower how much you are paying every month. You will not get to get cash upfront but it will help you to be able to pay the other bills or just give you a little cushion each month. In order to qualify for a va rate reduction loan you must already have a va loan in place. When attempting to get this you should check with different lenders so that you are ensured that you are getting the best rate possible. The interest rate must be less then the interest rate you are currently paying in order to qualify for a va rate reduction loan.
Eric Kandell has worked in the mortgage industry since 1997. Since day one he has focused his mortgage efforts towards veterans and mastering VA loans. Eric is the owner of LowVARates.com and also manages a mortgage company full time. One of Eric’s claims to fame, is that seasoned VA underwriters will call him from time to time for information on some very intricate VA loan questions.
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