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Mortgage Refinance Virginia: VA Real Estate Refinance Rates

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Mortgage, refinance, Countrywide loan, VA: Need simple answers?

Sep 14, 2008 by harrygams | Posted in Renting & Real Estate

Where is a site that is simplified in answers regarding mortgages, loan companies, interest & everything else.
Every time Hubby gets a letter offering to refinance us
& lower our monthly payments,
& skip a mortgage payment, plus return our escrow
I smell a fish & Hubby sees a great! opportunity to save a few bucks so,...
Where is a site, with simple explanations, that can answer any questions about mortgages.

(For example: Just how well is Countrywide doing? Do we want to get away from them? Are they about to sell our note to a Mexican bank & we'll start having to pay in Pesos?)

So do you know of a site that can answer mortgage questions in an easy to understand way?
Thank you,
Harry Gams

Unless you plan to stay in your home at least another few years, you do not have a pre-payment penalty on your current mortgage and are going to see a 1% decrease in your interest rate, DO NOT refinance.

Every refinance costs you money, not a few bucks, thousands.

Tell hubby to throw those offers away. Unless you have a high interest rate, you do not need to refinance. If you have a high interest rate, have improved your financial situation, and are tempted by the very recent mortgage interest rate reductions, talk to a local lender.

I want to refinance from a balloon to a 15 year fixed rate mortgage?

Jul 17, 2008 by Claudio F | Posted in Renting & Real Estate

I live in Saginaw, Michigan.
The house is supposed to be worth $95k.
I still owe $68k.
I refinanced already twice and didn't have to pay PMI because the first mortgage was a VA loan.
Will I have to pay PMI this time, and what lender should I choose?
The balloon mortgage is due in september 2010.

You only pay PMI when you are borrowing more than 80% of what you appraisal comes in at. If your house really is worth $95,000, you could borrow up to $76,000 without PMI.

VA 100% Refinance- Can I refinance if I don't have a current VA loan?

Nov 24, 2008 by T | Posted in Renting & Real Estate

I have heard that there was a recent update to the VA rules that allow for 100% refinancing. My situation is:
I am a veteran that has used VA before.
Non-VA Mortgage= $324k. Value of house: $325k -$330k (estimate)
I have an "80/20" loan. First is 5 year variable ARM, 6.75%. Second is Fixed 9.5% Home Equity.
I bought the home in July of 2007, so there is minimal equity. I do not want cash out, just want to protect myself from the variable that will change in 3 1/2 years and bring it all under 1 mortgage.
Credit is good (676 FICO), though I do have high revolving debt. Salary is $125k with 20% bonus.

Can I refinance under the updated VA rules?
Colanth- when you say each stands on its own, what exactly do you mean? Could I refi the first only? I was under the impression that I had to refi both together...thanks.

You can refi both. The house has to appraise for both, the VA will pay them both off and leave you with one mortgage.

I need help with my VA mortgage and mailers I received about the Veteran Benefit Improvement Act of 2008..?

Dec 30, 2008 by Dolphingirl | Posted in Renting & Real Estate

I bought my home-my very first home 3 years ago. I locked in at 6% on a 30 yr fixed VA loan. My payment is still pretty high and my husband hasn't been able to find steady work for over a year. I am always receiving offers to refinance, but I am not good at this kind of stuff, and I can never tell if it's a scam. I called my mortgage Co. about the National Home Retention Program, and was told that is not for VA loans. Anyway, they did take a few minutes and go over my income/bills....after putting me on hold for about 5 minutes the lady apolgized and said I really should consider selling my home and if I cannot sell it in 3 months I should consider a short-sale or a deed in lieu of foreclosure-Now ain't that a slice of Heaven. So now I am getting these ads for Veteran Improvement saying I can have 4.75% 30 year fixed (5.012% apr) and I don't have to do an appraisal, a credit score qualification, no out of pocket costs to me or income verification....that I can lower my monthly payments and defer the next 2 payments without penalty. The places that are sending me these are mortgage companies I have never heard of and why didn't my own mortgage company (Countrywide) who is well known offer me this option? I am not very good at business/financial stuff and I really want to keep my home. I would like to call on one of these places, but I don't want to get screwed paymentwise for the future, or worse lose my home altogether. Is this legit and has anyone on here taken advantage of this new VA act? I would really appreciate any advice anyone could give me, especially if you have firsthand knowledge of this new Act. Thanks....

The first thing to understand here is marketing 101. The mortgage companies are marketing vague programs that sound official but are really not and playing off all of the media attention to the "bail out" programs.
VA and FHA loans have a streamline refinance option which is what they are talking about. No credit check, no appraisal, no income verification. The one big catch is the will verify your mortgage history so if you were 30 or more days late in the last 12 months you will have a hard time getting approved. I'm not saying it's impossible but it will be difficult.

is assuming a mortgage considered a refinance?

Oct 19, 2007 by Chef Jack | Posted in Renting & Real Estate

my wife and I are considering buying a property. there is an assumable existing VA with a payoff of 85,500. The purchase price of the property is 181,500. I only have about 6000 to put down, how can I finance the remaining balance of 90,000? HELP!!!

You would need to find another assumable mortgage for the rest of the amount. But it is quite difficult to find these nowadays. Your best bet would probably be to just finance the whole amount. Whoever the new lender is on the other $90,000 most likely would not accept the assumable mortgage as the second on your purchase.

Can I refinance my current house and get a VA loan?

Jan 15, 2009 by Answer Man | Posted in Renting & Real Estate

I am a veteran, used it in the past and got a mortgage again without the VA. now that rates are really low, I really want to take advantage of these rates and I want to use the VA so I can avoid PMI and I understand there is a funding fee with the VA

We are closing on our house next week and used my husband's VA loan, the funding fee for first time users with no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee
For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 2.50% fee, and 10% or more requires a 2.25% fee.

Should I raise the equity limit on my second mortgage loan or just refinance?

Jan 10, 2009 by I M | Posted in Renting & Real Estate

I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second ($3000). I only have $5000 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

I can tell you more if you describe your situation in a little more details. First, why you want to buy a house in San Diego? Rental or vacation home? If it is for rental, that make sense. Second, how much interest rate you're paying on your 1st and 2nd mortgage? If refinancing can get you a lower interest rate plus cash out and will keep your mortgage payment about the same, that's the best and make sense to do so. If you want to move to San Diego and sell your current home, you probably don't need to pay any capital gain cos' you have $250K tax free on your own house. Add the potential rental income and do some more calculation to find out the best way to afford two houses mortgage.

Assuming the federal interest rate will be cut again, how long till the mortgage rate will be affected?

Mar 08, 2008 by me | Posted in Credit

When should I refinance with a VA loan.

It usually happens pretty quickly after they announce a rate cut but you can go to bankrate.com and look at daily rates for everything from mortgages to car and credit card rates.

Can I do a 100% refinance of a non VA loan into a VA loan?

Jan 02, 2008 by TPM | Posted in Renting & Real Estate

I am eligible for VA financing, I have a current mortgage of $360,000 that I want to refi into a VA loan. Can I get a 100% refi? This is northern California.

Also, are there caps to how much you can make?
Are there caps on the amount you can borrow?


Thanks.
This is rate and term btw, no cash out.
Well Mary, that is not an answer to my question now is it? It's utterly useless information. I didn't ask you to evaluate my financial position, the question was "IF" someting could be done. If you must know, my current rate is now 8.875%, a VA loan would get me to 6.0% with no pmi and a 2.15% funding fee. A huge difference per month!

Now will you answer my rather simple question, or don't you know the answer? Your profile says you were a VA underwriter and if anyone would know, surely it would be YOU, if your credentials are valid ...

There are not caps on how much you make but the loan will be based on net income, not gross income as in other loans. There is a cap on the amount you can borrow. I would not know the lending limits in California, but a local lender would know.

I don't have my references in front of me and I don't do as many VA loans as other types of loans, but I believe you can refi from a non VA to a VA. I know there is a limit on the loan to value if you are taking cash out of the home. VA just has a lot of rules and I can't remember them all off the top of my head.

Would you want a new mortgage right now?

Oct 04, 2008 by Beverly S | Posted in Elections

I am just curious. I have been in the mortgage business for 22 years. My company is just 5 people- we do only conventional, FHA and VA loans. We never got into the sub-prime business & probably would have made a fortune if we had. However, we saw it coming and did not want to be a part of it (I am so glad). My question is are you afraid to try to get credit, buy a home, refinance, buy a car right now. Our phone has not rung this week at all.

We are in the process of getting approved for a mortgage right now to buy a second home. Our credit scores are excellent, and we have been told that we will be approved, but that the lender is asking for extra paperwork and extra time to look at everything, and it will take a little bit longer than usual to go through. The caution of the lender is due to the fact that I own my own business. I don't feel inconvenienced or upset about this at all. I appreciate the lender's desire to be conscientious and thorough, so we will wait and do so happily.

We are applying for a plain vanilla 30-year, conventional, fixed rate mortgage on a second home. We are not afraid. We want to take advantage of the tanked real estate market in our state and turn our home into a rental/income property and trade up for ourselves.

As for credit, we just used a local store's 18 months same as cash policy to purchase a mattress and some furniture. We have done this several times over the years to purchase big ticket items, such as furniture, a camera, and a diamond ring. We purchase the item on a credit card issued by the store, and we always pay it off well in advance of the expiration date. It allows us to pay in cash out of funds we have coming in without having to take any money out of our accounts. We also paid for our bathroom renovation this way, putting the bill on an interest-free credit card and then paying it off during the promo period. When the items are paid for, we always cancel the credit card.

As for a car, the car I drive is on its way out the door if it doesn't perform better for me this winter. Last winter was really bad here, and my car was terrible. We took off the factory tires and put better tires on it, and if that doesn't work, good-bye car.

As for refinancing our home, we don't refinance. It's a waste of money in our opinion. I know people who used to do it every other year or so before the real estate market really tanked, and I think that's nuts.