Why pay any bank higher interest charges when there are programs available, just for you, to reduce the rate of interest you’re paying to the bank? Along the process, you’ll skip up to two mortgage payments, receive a refund check for whatever is in your escrow account, and either you’ll have a lower mortgage payment or reduce the years left on your home.
ARM Mortgages (Adjustable Rate Mortgages)
If you currently have an ARM mortgage, call us ASAP. Rates are projected to go up in the coming years, so the longer you wait, the worse it’ll get. Here at Texas VA Mortgage, we don’t believe in ARM mortgages as we ONLY offer fixed rate options.
1% Standard: What’s the bare minimum I can reduce the interest rate for the deal to make sense? Many people believe if you don’t reduce the rate by more than 1%, then it’s not a good deal. NOT TRUE. You can reduce your rate by .25% as long as you’re reducing in term (shortening the life of your mortgage). That would be more advantageous than reducing the rate by over 1% and going back to a 30-year fixed mortgage. Keep in mind, in the first 5 years of a 30-year fixed mortgage, you’re paying near 80% interest and merely 20% toward your principle (mortgage) balance. That 1% standard came from back in the day when rates were 8-10% and over the years, have stuck around. Of course, every scenario is different, so GET A QUOTE NOW and ask for your FREE VA IRRRL Payment Analysis.
VA IRRRL Payment Analysis
We draw a clear picture of your current loan situation and what we can offer you. Current rate, future rate, current payment, future payment, etc. It’s a clear, one page document, that outlines the benefits of completing the refinance. If we can’t see a benefit in completing your refinance, then we’ll keep you on our radar and if/when rates drop we’ll reach out to you.