FHA Streamline Refinance

FHA loan refinance to lower interest FHA loan.
  • No Appraisal Required*
  • No Income Verification*
  • No Employment Qualifying*
  • No Assets Verification*
  • No Credit Qualifying*
  • No Debt Ratios
  • No Seasoning Required*
  • No Face to Face Application
* These items changed since Nov 17, 2009

VA Streamline Refinance

VA loan refinance to lower interest VA loan.
  • No Appraisal Required
  • No Income Verification
  • No Assets Verification
  • No Credit Qualifying
  • No Debt Ratios
  • No Seasoning Required
  • No Face to Face Application

FHA 203K Streamline Loan

Simplified (Streamlined) version of FHA 203K loan. It is "light" rehab loan (up to $35,000) under FHA guidelines perfect for most light fixers and upgrades. Owner occupied properties only. When combined with FHA purchase loan can be used for "fixer" purchases.
  • Can exceed the purchase price
  • Can be adjustable or fixed rate
  • Owner can do some of the work himself
  • Up to 6 months to complete work

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Have a quick Question?
 

Jul
23

What are the interest rates to refinance a VA loan? Shall we go Conventional?

By
We have 20% equity in our home. We have a VA loan with 6.35% interest rate and just bought it a few months ago. Should we refinance? What are the rates? Should we do a streamline VA loan refinance with our current lender, Chase, at 5.375% or pick mortgage broker? I have seen Conventional for 4.8%
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Categories : Q&A

1 Comments

1
Sgt Big Red
July 23rd, 2009 at 6:12 am

The APR is determined by the lender. The VA only guarantees a portion if case of default. However, the current rate for a VA backed mortgage is as low as 5.13% and up to %,9% depending upon who you talk to.

I am always getting those offers in the mail that appear to be from the VA or some government agency claiming they can refinance my home for a low 4%. But they are all just gimmicks. I even went as far as to set up appointments with some of them. After trying for 2 hours to get me to sign up, they still could not give me a 30 yr fixed. There was always a kicker about the APR changing after the first 5 years, it could go up it could go down. I sent them all packing because on the phone I asked if they were offering a 30 ry fixed and they said yes. It’s just all a ploy.

Negotiate with your present lender. Also those conventional ones have the same kicker, it is not fixed and also they charge outrageous fees and points.

The best I have seen so far is from Navy Federal Credit Union with a refi @ 5.075% fixed 30 year. But you have to be a member.

I would wait for a while as the interest rates are going to go down even further with all the forclosures still pending and more to come.

Hope this helps answer your question.

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