starcrafttom
Active member
First thing first I dont do loans. I only sell and buy homes for people, so this is in no way a ad for me or anyone I know.
If you have a V.A. loan on your home several things have changed that you should now about. First, V.A. now will refi you mortgage to 100% of value. It was only 90% L.O.V. up until this month. Second the V.A. loan rate hit 5.5% today. So if you are thinking about lowering your rate then now is a great time. This may only last a day or so as it often does. Last time it hit 5.5% it only lasted four hours before there was a freeze and the rate went back up to 6.5%. So if you want to act call your loan people and ask them if it will help you. I'm looking into refiing the house and boat and home equity all together at this lower rate and save maybe $200 a month.
Also if you are looking to refi out of your v.a., so you can use it for another home then this would be a good time to change that V.A in to a conventional, conventional are 5.75 right now. This allows people to rent their home and buy somthing else. We are looking to buy another home with our v.a. and rent out current home in the future but first we must refi our current home into a conventional. V.A. does not allow you to rent your home. Well you can but not really? The regs are fuzz on this subject. Anyhow I thought that many of you with V.A. loans could use this info.
If you have a V.A. loan on your home several things have changed that you should now about. First, V.A. now will refi you mortgage to 100% of value. It was only 90% L.O.V. up until this month. Second the V.A. loan rate hit 5.5% today. So if you are thinking about lowering your rate then now is a great time. This may only last a day or so as it often does. Last time it hit 5.5% it only lasted four hours before there was a freeze and the rate went back up to 6.5%. So if you want to act call your loan people and ask them if it will help you. I'm looking into refiing the house and boat and home equity all together at this lower rate and save maybe $200 a month.
Also if you are looking to refi out of your v.a., so you can use it for another home then this would be a good time to change that V.A in to a conventional, conventional are 5.75 right now. This allows people to rent their home and buy somthing else. We are looking to buy another home with our v.a. and rent out current home in the future but first we must refi our current home into a conventional. V.A. does not allow you to rent your home. Well you can but not really? The regs are fuzz on this subject. Anyhow I thought that many of you with V.A. loans could use this info.