Refinancing a VA loan?

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I just received a call from our mortgage broker asking if we weer interested in refinancing at a lower rate, we just bought our home in Jan 2009 at 5.5%, she said that it is now 4.75%. Can we refinance already? We used my husbands VA loan. What are the steps of refinancing any it just like buying the house again?

  1. Reply
    February 4, 2011 at 10:16 pm

    you can streamline the note but with the cost you may not save a dime do the math

  2. Reply
    Fort Sill Army Wife
    February 4, 2011 at 10:23 pm

    I wouldnt do it I would wait until I have at least a full years payment in…it may cost you more in the log run

  3. Reply
    February 4, 2011 at 10:53 pm

    Mrs. K
    If your Mortgage Broker calls you again direct them to have a nice day! They are desperate for money. For starters you need to have at least 8 months in and have put down more than 15% when you purchased just to cover the closing cost. The difference from 5.5% to 4.75% would take you way to long for the recapture. The math is simple to calculate, take your closing cost and divide by 36 (3yrs) is the standard for recapture and that would only apply if your staying in the home for at least 10 years. Your Broker is part of the reason our economy and the Mortgage Industry being upside down. If the time comes you can call your service Lender Directly or a Direct Lender (like my company) that wouldn’t even entertain offering you what the broker suggested already. Tell them to get a real job before they put your family in danger of loosing your home you just purchased! If you want, send me an e-mail with your balance and I’ll do the math for you so in the future when a Broker calls you. You’ll know to just hang up on them politely.

  4. Reply
    February 4, 2011 at 11:21 pm

    Unless your interest rate drops at least 1.5% you lose money and if not still VA and with VA you financed 100% you will be looking at PMI charge every month Not worth the .75% interest rate drop

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