tufftom4 Posted August 16, 2016 Share #1 Posted August 16, 2016 I am wondering if anyone has had any refinance experience with a VA loan, I am looking to refinance to reduce my mortgage payments and not get any money if anyone can give me some insight call me @ 772 380-8560 Tom Link to comment Share on other sites More sharing options...
djh3 Posted August 17, 2016 Share #2 Posted August 17, 2016 Tom I dont know if VA is "always" the best way. I did my first house thru VA, but I did not have any equity or money for a down. There is "points" and also the house has to qualify. Stuff like roof cant be over like 3-5yr old, has to have certain inspections etc. Try your local VA assistance folks. Cant think of the actual name rite this second. But they should at-least be able to point you in right direction if a VA loan is what your needing or a standard mortgage would work. Link to comment Share on other sites More sharing options...
Air Ready Auto Posted August 17, 2016 Share #3 Posted August 17, 2016 Tom I dont know if VA is "always" the best way. I did my first house thru VA, but I did not have any equity or money for a down. There is "points" and also the house has to qualify. Stuff like roof cant be over like 3-5yr old, has to have certain inspections etc. Try your local VA assistance folks. Cant think of the actual name rite this second. But they should at-least be able to point you in right direction if a VA loan is what your needing or a standard mortgage would work. Exactly. There are several extra hoops to jump through. Also, if you are even a day late in payment there is someone from the VA calling to remind you. Link to comment Share on other sites More sharing options...
djh3 Posted August 17, 2016 Share #4 Posted August 17, 2016 It can be a good deal. It sure helped me out when I needed it. Just need to get good info and weigh it out. I get probably 3 or 4 mortgage things in the mail every month. Link to comment Share on other sites More sharing options...
yamagrl Posted August 17, 2016 Share #5 Posted August 17, 2016 Here is HARP Home Affordable Refinance Program. I went with this program and went through Quicken Loans. Our mortgage terms were improved so much that we cut NINE YEARS off of our mortgage. We kept our payment about the same, reduced our interest rate by almost 3% resulting in reducing our loan by nine years. It's probably worth looking into. Heather http://harpprogram.org/index.php http://www.quickenloans.com/harp-program Link to comment Share on other sites More sharing options...
BlueSky Posted August 17, 2016 Share #6 Posted August 17, 2016 With a conventional loan you need a 20% down payment to avoid mortgage insurance. I used my VA loan way back to buy my first house. When I moved, I sold it myself and I allowed the new owner to assume my VA mortgage. Cost almost nothing to sell the house. And the new owners actually put in the extra effort to assume responsibility for the mortgage after the sale. Way back in 73!! Link to comment Share on other sites More sharing options...
2WHEELSFORME Posted August 17, 2016 Share #7 Posted August 17, 2016 HARP is the way to go. Governmental program to help people stay in a home that may have been financed at too high an interest rate or even upside down in LTV. The two I've done did not even require an appraisal. Link to comment Share on other sites More sharing options...
yamagrl Posted August 17, 2016 Share #8 Posted August 17, 2016 Here is HARP Home Affordable Refinance Program. I went with this program and went through Quicken Loans. Our mortgage terms were improved so much that we cut NINE YEARS off of our mortgage. We kept our payment about the same, reduced our interest rate by almost 3% resulting in reducing our loan by nine years. It's probably worth looking into. Heather http://harpprogram.org/index.php http://www.quickenloans.com/harp-program HARP is the way to go. Governmental program to help people stay in a home that may have been financed at too high an interest rate or even upside down in LTV. The two I've done did not even require an appraisal. Mine did not require an appraisal and no money down. At 6yrs into a fixed 30yr @ 6.5% to fixed 15yr @ 3.875%. The payment stayed in the same range but cut 9 years off. I am self-employed which always makes it harder. The program was designed to help people with really high interest mortgages such as variable interest rate loans but it also includes loans that were not really high at all. When I bought the house in 2007 the 6.5 fixed was pretty good for being self-employed. There are some requirements but HARP is about as easy and inexpensive as it gets. Quicken Loans handled it really well and we were quite satisfied. Link to comment Share on other sites More sharing options...
tufftom4 Posted August 17, 2016 Author Share #9 Posted August 17, 2016 I am wondering if anyone has had any refinance experience with a VA loan, I am looking to refinance to reduce my mortgage payments and not get any money if anyone can give me some insight call me @ 772 380-8560 Tom I tried harp but they do not work with a VA loan and the VA center I am working with will reduce my apr from 5.5% to 2.75 and save me 140$ a month and I just went to the bank to get a copy of my survey and they can't give it to me in person but can mail it to me for free or fax it to me for 15$ what is up with that. Link to comment Share on other sites More sharing options...
bongobobny Posted August 17, 2016 Share #10 Posted August 17, 2016 Typical Government Tom! I hate to admit it, but I like and trust my Government less and less!! Too much bureaucracy, incompetence, and downright dishonesty, and I'm a Veteran... Hey, they tried to kill me off but I survived Vietnam... Link to comment Share on other sites More sharing options...
Yammer Dan Posted August 17, 2016 Share #11 Posted August 17, 2016 (edited) In 99 I did about 50k loan at 7-1/4 on 30 year loan. I had plans at the time we got it. If you pay more than your payment it has to go to the principal. In early 09 we made the last payment. But I was in a position where I assigned work schedules and none of the kids I had wanted overtime that HAD to be done. I averaged about 76 hrs a week over that time. Got Er Done!! My point being every buck you can add to your payment knocks about 10 off at the end. Not sure of that number it was given to me by a Accountant. But I knocked out a 30 yr loan in less than 10 years!! Thank You; WV Division of Corrections!!! :mugshot: Working Lockup in a Max. Security Prison! My point being every extra buck you can stick on your loan makes life a whole lot easier down the road. obustard has hacked my retirement so bad I don't know how I would make it with that payment still over my head. Edited August 17, 2016 by Yammer Dan Link to comment Share on other sites More sharing options...
BlueSky Posted August 17, 2016 Share #12 Posted August 17, 2016 The counter argument for paying extra on the loan is that if you lose your job and find yourself without funds, you can't borrow money and you can't get the extra money back that you paid on the loan. So, always have some liquidity handy for emergencies. Link to comment Share on other sites More sharing options...
djh3 Posted August 18, 2016 Share #13 Posted August 18, 2016 Have good about HARP. But my son and his wife are not really upside down, but they own more than what house really is worth. But because of what is owed, and what they make they miss by a few bucks of qualifying. I dont know the whole story but because they are both gainfully employed, pay bills and support themselves and kids, they cant qualify. Link to comment Share on other sites More sharing options...
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