How do I find details on rates and closing costs to refinance my mortgage with a VA Loan?

PO2 Dave LeBlond — Tue, 28 Jan 2020 12:30:03 -0500

I want to refinance my current (non-VA) mortgage. How do I find details on rates and closing costs?

Response by CAPT Kevin B. made Jan 28 at 2020 1:57 PM

CAPT Kevin B. — Tue, 28 Jan 2020 13:57:00 -0500

You can Google home refi and take a look at the rates and costs. Not clear what your objective is. Same payout but lower rate? Get some equity, lower rate, and pay the same monthly? These all matter. In general VA sponsored loans are 2-3 points higher than conventional. That's because the lenders have more hoops to plod through. A quick stop to the local bank loan officer can get you into the ballpark. BTW, the no closing costs options seldom are at the best rates.

Response by MSG Danny Mathers made Jan 28 at 2020 3:38 PM

MSG Danny Mathers — Tue, 28 Jan 2020 15:38:25 -0500

Contact any lender. Quicken worked good with me. They even come to your home to sign the papers. Rates are the same as everyone else.

Response by SPC Richard Zacke made Jan 28 at 2020 10:17 PM

SPC Richard Zacke — Tue, 28 Jan 2020 22:17:13 -0500

I have anwsered this on other posts: You did'nt mention your credit score or if the property is upside down or not and you did'nt say if you were diabled through the VA. ....I am 100% totally and permanatly disabled due to induviduale unemployability ( TDIU ). I called Quicken loans for a IRRL (intrest rate reduction loan) at that time I was at 5.25%...Quicken lowered my intrest rate to 3.25%...2 whole points so I went from just over $1200 a month to $879 I was saveing three benjimins a month and I pay no property tax's and the closing cost were added in the mortgage but will be paid for in approximatly 10 to 12 months with the three benjimins I'm saving monthly. Quicken even comes to your home for the closing so you don't ever have to leave the house. They also go by Rocket loans but their the same company. They love veterans expessionally disabled ones. Give a try and if you tell them I recommended you I get $500 finders fee but don't worry about that. Just make sure you have you COE ( certificate of eligibility ). Good luck.

Response by SFC Casey O'Mally made Jan 31 at 2020 6:54 AM

SFC Casey O'Mally — Fri, 31 Jan 2020 06:54:49 -0500

VA simply guarantees the loan. Your rate and terms are still negotiated between you and the lender.
Therefore, how do you determine? You ask a lender. And then go mortgage shopping.
The home value, local market, your credit worthiness, available equity, current prime interest rate, all play a factor. Each bank evaluates or interprets these factors differently. And if you don't NEED the VA guarantee, compare nin-VA programs as well. (The primary gain with VA loan is no out of pocket at closing - no down payment and any closing costs are rolled into mortgage. If you have enough equity or cash to be able to finance down payment/closing on your own, you have more options.)
Do your homework. The more homework you do, the better your grade. In this case, your "grade" will be your rate and terms.
Don't just look at conventional 30 year loans, either. My first home I was able to do on a 15. Got me .75% lower interest rate. I pay just over an extra $100/month ($113) and will have it paid off in half the time. If you can afford to pay more than the minimum, look at 20, 15, or even 10 year loans.
Whatever you do, though, PLEASE don't do an ARM.

Response by MAJ Cathy Baumbusch made Jan 31 at 2020 1:37 PM

MAJ Cathy Baumbusch — Fri, 31 Jan 2020 13:37:43 -0500

Your credit score is the #1 factor in determining your interest rate. The above commenter is correct in that the things to shop for are closing costs and other fees.