It seems like I have been telling people for the past 2 years or so that VA interest rates were not going to be going any lower. There were many times that in that window of time that I was right, however, overall rates, VA rates especially, have continued to go lower and stay low. It’s the times like right now when I wish for many reasons I had the benefit and blessing of a VA loan.
I bought my home in 2007 and even put down 20% on the purchase of the home. Bad news for me is not only is all that equity was gone, but I am also stuck at 6.5% rate even though interest rates are at 4.25% for 30 years or 3.25% on the hybrid loan. I could be saving literally $800 a month or more if I could streamline refinance, but that is not available on a conventional loan.
What is so amazing about the VA mortgage streamline refinance is that you can refinance even if your home has no value or equity. You could have bought your home in 2007 at 250,000 and now it is worth 175,000, but you can still streamline your VA loan. Perhaps the downturn in the US economy has affected your credit rating or FICO score? If this is the case, as bad as that can be, it does NOT disqualify you from the VA streamline program.
Some of the benefits of these extremely low VA rates today are:
- lots of savings monthly from streamlining
- easier to decide to streamline
- the streamline allows you to skip some mortgage payments if done correctly
- and many more.
If you have a VA mortgage please apply here or give us a call at 866-569-8272 so we can show you what the VA streamline can do for you.