How does an extra $53,000 sound?
With the current state of the economy, there is no better time than now for service men and women to take advantage of prevailing low rates and reduce their monthly mortgage payment.
VA mortgage rates have remained at historically low levels – veterans already enjoy the lowest home loan rates in the mortgage industry and rates are up only slightly higher from one year ago. But the only constant is change, and the old adage, “nothing lasts forever”.
With a new administration and fears of inflation in the Trump era, most economists and experts agree there will be upward pressure on rates, if not soon, in the not-too distant future. If you have a current VA loan, there is no better time to explore a VA Interest Rate Reduction Refinancing Loan (VA IRRR), also known as a VA Streamline Refinance.
The consensus is that even if rates rise, it will only be a small increase. Yet even a modest jump in interest rates can make a big impact when they apply to loans as large as a home mortgage. For illustration, let’s use a hypothetical one percent increase in VA interest rates.
The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month. That equates to more than $53,000 over the lifetime of the loan.
click for more info A VA Streamline Refinance is quick, simple and cost-effective.
Mortgage rates may be heading north, but Veterans can rely on a solution with a VA Streamline Refinance. This loan requires eliminates the need for an appraisal, requires no bank statements and no pay stubs or W2s. Moreover, the lender is forbidden to charge an escrow fee to the Veteran.
The VA requires no appraisal, no bank statements, and no pay stubs or W2s. Plus, the lender is NOT allowed to charge an escrow fee to the Veteran.
The IRRRL program saves the Veteran time and money, reduces his or her mortgage rate, and offers more affordable homeownership.This loan program is not available to those who have not served and is a benefit exclusively for active and separated military personnel.
Some would call it a huge “thank you” from U.S. citizens and the government to its cherished Veterans. Veterans just call it a screaming deal.
We don't place you into a loan profile formula created by the banking industry. We'll take the time to listen to your individual needs to find the best funding solutions. Call 866-220-0301 or send us an email.
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Veterans can earn homebuying advantages like $0 down and lower payments. To turn your service into savings, apply now ⇒