Refinance Now: Expert Advice to Veterans

How Do I Know it is Time to Act?

Time to RefinanceYou’ve read the fliers.  You’ve seen the ads.  It seems like everywhere you turn, there is a new bank offering a lower interest rate than yours.  What if you just refinanced?  What if you just closed on your home?  What if you think your home doesn’t have the value it had when you purchased it?  These and hundreds of other questions are asked by homeowners all over the country.  So what to do, and where to start?  Well, to begin, let’s underscore the primary reasons (and benefits) that come along with a VA Streamline Refinance!


First and foremost, the reason most of us refinance our homes, is to obtain a lower payment.  That is done, quite simply, by lowering your interest rate.  There are several determinants that encompass the detail of your loan, but your interest rate determines perhaps the most vital part of the equation: your payment schedule.


 So the best time to refinance is only if rates are low, right?

Well, depending on your goal.  If your sole purpose is to lower your payment, then yes, the lowest interest rate will achieve your financial quest, and that time is now!!  However, there are many other reasons to do a VA Streamline Refinance.  Many veterans wish to reduce the term of their loan, others may wish to extend it, some may want to change their loan type, while others might simply seek energy efficiency upgrades for their home—all of these tasks can be accomplished through the VA Streamline Refinance.


The loan sells itself, right?  What’s not to love?  And just who actually qualifies for the VA Streamline Loan?  In short, eligible veterans who are current on their mortgage.  There are varying stipulations from bank to bank, but as someone with years of experience in the mortgage industry, there are many options for an array of borrowers—all along the credit spectrum.  In addition, the VA does not allow prepayment penalties nor specify a required waiting period in between transactions—be it a purchase to a refinance, or a refinance to another refinance.


Additionally, many banks do not require an appraisal nor income verification when doing a VA Streamline Loan.

Win Win

Truly, this loan is a win-win-win.  The scope of these benefits is to illustrate just how perfect a time it is to refinance your VA home loan.  For one, rates are budding at all-time lows.  Two, offers and savings like these don’t last forever.  And three, low rates spells highs savings!  And one thing is for sure if you have a rate higher than offers piling up in your mail  that probably means that it’s time to refinance your home.


Spencer Smoot was born just outside of Salt Lake City, Utah in a town called Centerville. He graduated from Viewmont High School where he enjoyed a successful athletic career in football and wrestling—winning three 5A state wrestling championships in addition to a prestigious academic resume. Spencer was privileged to serve a two-year humanitarian and evangelical mission for his church in Mozambique, Africa. In 2013, he graduated from Brigham Young University and has worked in the mortgage industry for 6 years in nearly every department. He is now a senior loan officer and enjoys working for Low VA Rates helping serve the Veterans that have served us.

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*Annual savings calculator based on 2015 monthly average savings extrapolated year-to-date.