First you did not mention what your rate is right now - on a VA loan - the rates are very good. But since you just got your loan, you should have gotten a good rate? Did you? You will have closing cost again associated with your loan - that will be rolled into your new loan - and you will be financing that amount, which will not save your much money unless you get a interest rate at a fixed for 30 years and 1 point lower....than what your rate is now. You can always ask the person, what rate they are offering you, get it in a approval letter.... What is your payment now ? Add 4,000 to your loan amount now for closing cost - That is just an estimate ok. Go to any web site out here, or go to mine, and put in the loan amount, 360 months (or 30 years) put in a 6 rate and see if you are saving any money...
VA Loan Information: Visit the home page of the VA. http://www.va.gov/
http://www.vamortgagecenter.com/
The VA has increased their loan limits! The maximum loan amount in most cases is $417,000. The VA also offers some advantages over conventional loans:
Other benefits of a VA Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your VA loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate
GOING TO THIS SITE, IS A MUST: http://www.homeloans.va.gov/veteran.htm
yes it is OK to refinance if you really see benefits from your new refinancing like lower monthly payment or big difference in the new inter es rate. consider this, that you will pay new closing cost and even interest rate will be smaller (0.25%-0.50%) , but you can end up with the same payment and bigger loan amount. ( you can roll your closing cost in the new loan amount).
Hi I'm a Real Estate agent in Orange County,CA
feel free to give me a call,my toll free number is (866) 825-9618
California Home Realty
NO,of course not your property hasn't even gained equity yet and plus you would have to pay prepayment penalties since it's less that two years.Were talking around six months of interest that you would pay for penalties.
Depends on your current note. Is there any kind of prepayment penalty? Dont believe everything you hear. They will say you can get a 1% interest rate too. Do you believe that? Do you think that would be a good choice if they could somehow make it happen? You have to look at what the consequences would be later.
it would be ok, always go for the better deal if you can....watch for pre payment pent....you can call me directly if you have more questions. 814-532-6012 D'ona
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