Veteran homeowners in the market to refinance their existing VA home loan have many lender options and interest rates at an all-time low. Veteran homeowners interested in going with New Day Financial should understand that they will want to do research and make sure they are getting the best deal they can. One great place to look is at Low VA Rates.
New Day Financial compared to Other Lenders and Brokers like Low VA Rates.
New Day Financial seems to be extremely qualified to help military families and understand the VA home industry. New Day Financial provides home loans nationwide to military families. New Day Financial offers good rates through their services.
Many military homeowners assume that home loan brokers will charge more closing costs and have higher interest rates. This is definitely not the case. On the contrary, many brokers like Low VARates actually offer lower interest rates than lenders and no additional closing costs.
VA Streamline or VA Hybrid?
Right now veterans can refinance to a fixed 30-year loan at 3.75% or they can get in a five year VA hybrid loan for 2.75%. Both loan options are the lowest they have been in the history of the VA home loan. If veterans know they will be in their home for less than 10 years, the VA Hybrid is a great option. Many veterans confuse the VA Hybrid loan with conventional adjustable home loans during the market crash. The VA Hybrid is COMPLETELY different. The VA Hybrid loan will stay fixed at the 2.75% rate for the first 5 years. After that, the hybrid loan can ONLY move one percentage point per year. However, the VA Hybrid rarely moves the full percentage point and can also move down is the market improves.
The fixed 30-year loan is idle for veterans looking to stay in their home long term. If you have plans to stay longer than 15 years in your home you can refinance to 3.75% fixed 30-year loan.
Why Choose a VA Loan?
Many lenders may try to steer veterans away from VA home loans, but do not be swayed. The VA loan is the best loan on the market right now and veteran’s homeowners are missing out on great benefits by looking into other loans.
VA home loans have many significant advantages over an FHA or conventional loan. If veterans come across a broker or lender that is trying to convince them otherwise, they would be wise to move onto another company.
Make sure your situation is Improving
Going to a lower interest rate does not always translate into the best financial decision. With closing costs added to the loan, the monthly savings needs to be enough so veterans can make their money back in a reasonable time frame. If veterans are looking to stay in the home long-term and make back the closing costs in less than 10 years typically its worth refinancing. If veterans are unsure about their situation, please contact a VA loan officer at LowVARates.com or go to our live chat for further assistance.
As always veterans, make sure to check VA streamline rates through New Day Financial, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.