VA Refinance – What’s in it for Me?
VA mortgage refinance programs are a hot topic on military blogs and discussion boards. Holders of a veteran mortgage naturally want to know how a VA mortgage refinance can help them get in better financial condition. There are monetary benefits to veteran mortgage holders. Since the federal government has reduced interest rates, a VA refi can have very attractive terms. If you have a conventional mortgage for $200,000 at 5%, a measly 1% rate reduction with a VA refi could shave hundreds of dollars off a monthly mortgage payment.
A streamline VA mortgage refinance is only available to those who hold a current veteran mortgage, but it has advantages as well. The ability to skip two payments is attractive and you can still end up with a lower monthly payment. Basically, the answer to “what’s in it for me?” is lower monthly payments. Most people could get through a recession without major financial problems if they could just lower their monthly expenses. A VA refi is the best way to lower monthly expenses and save money over the life of the loan as well.
Analysts predict that interest rates must rise soon, so if a VA refi is in your future, strike while the iron is hot. Interest rates are at an all time low, it doesn’t take a financial analyst to see that they must rise soon.
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