Refinancing your VA Loan with New Day Financial

New Day Financial VA Refinance

Veteran homeowners in the market to refinance their existing VA home loan have many lender options and interest rates at an all-time low.  Veteran homeowners interested in going with New Day Financial should understand that they will want to do research and make sure they are getting the best deal they can.  One great place to look is at Low VA Rates.

New Day Financial compared to Other Lenders and Brokers like Low VA Rates.

New Day Financial seems to be extremely qualified to help military families and understand the VA home industry.  New Day Financial provides home loans nationwide to military families.  New Day Financial offers good rates through their services.

Many military homeowners assume that home loan brokers will charge more closing costs and have higher interest rates.  This is definitely not the case.  On the contrary, many brokers like Low VA Rates actually offer lower interest rates than lenders and no additional closing costs.

VA Streamline or VA Hybrid?

Right now veterans can refinance to a fixed 30-year loan at 3.75% or they can get in a five year VA hybrid loan for 2.75%.  Both loan options are the lowest they have been in the history of the VA home loan.  If veterans know they will be in their home for less than 10 years, the VA Hybrid is a great option.  Many veterans confuse the VA Hybrid loan with conventional adjustable home loans during the market crash.  The VA Hybrid is COMPLETELY different.  The VA Hybrid loan will stay fixed at the 2.75% rate for the first 5 years.  After that, the hybrid loan can ONLY move one percentage point per year.  However, the VA Hybrid rarely moves the full percentage point and can also move down is the market improves.

The fixed 30-year loan is idle for veterans looking to stay in their home long term.  If you have plans to stay longer than 15 years in your home you can refinance to 3.75% fixed 30-year loan.

Why Choose a VA Loan?

Many lenders may try to steer veterans away from VA home loans, but do not be swayed.  The VA loan is the best loan on the market right now and veteran’s homeowners are missing out on great benefits by looking into other loans.

VA home loans have many significant advantages over an FHA or conventional loan.  If veterans come across a broker or lender that is trying to convince them otherwise, they would be wise to move onto another company.

Make sure your situation is Improving

Going to a lower interest rate does not always translate into the best financial decision.  With closing costs added to the loan, the monthly savings needs to be enough so veterans can make their money back in a reasonable time frame.  If veterans are looking to stay in the home long-term and make back the closing costs in less than 10 years typically its worth refinancing.  If veterans are unsure about their situation, please contact a VA loan officer at LowVARates.com or go to our live chat for further assistance.

New Day Financial VA Refinance

As always veterans, make sure to check VA streamline rates through New Day Financial, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.

Why Doesn’t Everyone with a VA Streamline Do a VA Hybrid?

If you would have asked me just a few years ago, if I would ever put my own property or mortgage on an adjustable rate loan, I would have said NO WAY!  Fast forward to today and I only wish I could do what so many men and women Veterans or VA loan holders can do with their loans.  I only wish the VA streamline loan into a VA hybrid loan was something that I could do and take advantage of.  I have not served and thus do not have the right or privilege to get this loan.

In order to take advantage of the VA streamline refinance or VA IRRRL (Interest Rate Reduction Refinance Loan), you must have a VA loan now and must have honorably served in the Armed Forces.  If you do have a VA loan and are eligible and do not take advantage, you are making people like me, who wish we could, very frustrated!  Ok well in all honesty, not everyone benefits from the streamline, but the cases are very few and far between.

Who can benefit from the VA streamline refinance?

  • Anyone with an ARM or adjustable rate loan now
  • Anyone with a fixed rate now that is at 4.25% or higher
  • Anyone that is on a 30 yr loan but wants to pay their home off much faster
  • Anyone that does not plan on being in the home for more than 3-5 yrs.
  • Anyone in a short pinch for cash that could benefit from an instant amount of money in their pocket

So who will NOT BENEFIT from a VA streamline or VA IRRRL?

  • Someone who does not like saving money
  • Someone who won’t take time to educate themselves
  • Someone who has been fed false info for too long

Ok, those were joking, kind of.  The fact is very few people will not benefit from the VA streamline.  Those that will not benefit normally have been in their loans for 10 plus years without refinancing and are close to paying the balance off.  Someone who has a fixed rate in the low 4 to high 3 range or someone on a 15-year loan that does NOT need to lower a payment by going to a longer term.  Other than those examples, you will benefit normally by doing the VA streamline.

So please, spend some time on this blog and research all the reasons to streamline your VA loan, or send us a question or call us up.  There has never been a better time to get locked in at such low VA interest rates like there is now.

Can A VA Streamline Mortgage Save You Money?

There is a refinance program currently being offered by the Department of Veteran Affairs. If you currently have a VA mortgage loan, then you may qualify for the VA Streamline loan for veterans. Whether you’re in active duty or previously served in the military, your VA mortgage is offering relief.

Saving money has never been so easy. You’ve served your country and are a veteran – so why not cash in on the benefits of being one?

In today’s economy, the government is actively trying to get everyone back on the right path. If the mortgages across the country can be repaired, then the economy begins to improve. The VA streamline loan for veterans is an interest rate reduction loan. It’s not only simple, but easy to qualify for. It’s the best mortgage refinance option available on the market – if you are a veteran.

Look around at other refinancing options. You’ll learn that you’re responsible for a fair amount of fees involved with refinancing, and often, the rate will still be adjustable, meaning that your significant savings could be short-term.

If you are currently paying an interest rate of 5% or higher, then this is definitely a loan you should consider. Whether you currently have an adjustable-rate or a fixed rate mortgage with a VA loan, you can qualify for this new loan. The rates for this loan are at an all-time low and can save you hundreds of dollars every month. Plus, it’s a permanent, low fixed-rate, so you’re locked into the great rate without worrying that it could go up.

By saving money on your mortgage, you can spend your hard-earned money on other things. Paying off other bills will mean that you’re not paying so much interest, which will in turn help you save even more money. Ultimately, if everyone is able to get back on their feet, then the economy turns around. A streamline mortgage is your best option for improving your personal finances.

The loan on your home and its current value can vary quite a bit. A 1% decrease in your interest rate can save you anywhere between $100 and $600 every single month, without spending any money out-of-pocket. Closing costs and pre-paid points can all be rolled into the new loan amount. You can even get your current escrow account credited back to you.

A VA streamline mortgage can be just the thing you’ve been looking for to save you money. Not just a little money, but a significant amount. When there’s no money required from you, saving hundreds of dollars every month can have a dramatic impact on your overall financial liquidity and thus, your lifestyle.

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