We have seen allot of refinance applications since the interest rate drop in December. Most applicants are trying to refinance an already low interest rate into a teaser rate seen on advertisements all over the web. The truth is, VA interest rates are hovering between 5-5.5 %. Yesterday’s rates climbed to 5.75%. To refinance a loan into this range a home owner would have a rate of 7% or higher before the cost is worth the benefit. Typically on the average home price you will want to save 1.5% on a refinance and plan to stay in the home several years. However with most military homeowner moving after just 3-4 years, we often recommend against refinancing.

Is it time to refinance your VA Loan? It could be if your existing va interest rate is 6.25% or higher and you plan to keep your home. We will start the new year with some of the best VA rates ever. Reducing your interest rate by 1% or more can save you $100/month on a $200,000 loan. If your current mortgage is larger, the more you can save.

 Here are just some of the benefits:

• Reduced monthly payment
• Save thousands of dollars in interest over the life of the loan
• NO credit checks to qualify
• NO Income requirements
• NO Appraisal
• NO out of pocket costs (fees can be rolled into the new loan)
• Low 0.5% VA funding fee
• Very little paperwork
• Fast and Easy
• Convert to a low va Fixed rate from your adjustable rate

 Ask about the VA Streamline Refinance option with your loan officer. Or visit http://www.va-loans.com/refinance.html