The lowest VA refinance rates in history

No out-of-pocket costs. Save thousands.

It’s never been easier to refinance your existing VA loan. The VA Streamline Refinance (VA IRRL) allows those eligible VA loans to take advantage of these historically low rates.

VA Streamline (IRRL) Refinance Make it Simple

This refers to a VA refinance where you are only looking to lower your interest rate, payment or to change the term of your loan (from 15 year to 30 year or from 30 year to 15 year). This can be extremely easy with very little paperwork or time.

Some benefits of the VA Streamline Refinance:

• No appraisal requirement* (depends on the lender you are with now)
• Reduced credit score standards
• No disclosure of income or assets
• No out of pocket closing costs
• Opportunity to skip a months mortgage payments
• Cash refund of current escrow balance

How to lower your monthly payments

VA loan rates have fallen to levels our country has not seen in years. If your current loan rate is higher than 4.5% then you can benefit from refinancing.

A 1% reduction reduction or more in rate can save you from $100 to $500 per month with no out of pocket expenses.

VA Tips and Things to Know

If you are an active-duty member or former personnel, you will have a great advantage when it comes to applying for a loan or refinancing your mortgage. Here are a few things to keep in mind when thinking about your home and the options you have.

While there are Cash Out and Streamline Refinance choices there is also the VA debt consolidation options. While similar to the Cash Out Refinance option, the VA debt consolidation allows those who have enough equity in their home to refinance into a larger VA Home Loan in order to pay off debts. When doing this, the borrowers often reduce their rates and overall monthly payments.

Those Veterans who qualify for VA Cash Out Refinance can use the funds to make home improvements. It can be done with a low interest rate obtained through a VA Home Loan. In addition, the VA Mortgage known as the Energy Efficient Mortgage (EEM, provides funds for improvements to make the home more energy efficient. However, when considering the EEM, keep in mind that the improvements must result in cost savings over time and have to be documented by a Home Energy Rating System.

Interested in working with a VA Refinance Specialist on a VA Refinance? Get the process started now with just a few questions: (505) 280-8959

Best time to refinance Conventional Mortgage

Not only are FHA and VA Mortgage rates at historical lows, this is also the best time in history for conventional mortgage refinances also.

A conventional mortgage is a type of mortgage in which the terms and conditions of the loan meet the criteria set forth by Fannie Mae and Freddie Mac.  Most people who have a conventional mortgage may not know that it is classified as “conventional” but most likely chose this type of mortgage because:

• credit scores were 680 or higher
• down payment was 5%-10% minimum
• or they had 20% down payment or equity in the house
• were wanting to get rid of PMI (mortgage insurance)
• their house value was high enough compared to their loan amount

This is the best time to refinance conventional mortgages due to historically low rates.

Types of Conventional Mortgages

A conventional mortgage can be defined as either afixed-rate mortgage (FRM) or an adjustable-rate mortgage(ARM). A fixed rate mortgage is classified as having the same principal and interest payment for the life of the loan, while an ARM is identified by having a fixed rate for only a specified period of time before the rate becomes variable, depending on market conditions.

Many times, people confuse a conventional mortgage with a conforming mortgage. However, a conventional mortgage can be both conforming or non-conforming (jumbo). Because conventional loans are set by Fannie Mae and Freddie Mac, the easiest way to identify if a loan is conventional or not is to know whether or not the loan is government insured.

Typical government-insured loans are FHA (Federal Housing Administration), VA (Veterans Affairs) or USDA (United States Department of Agriculture) Rural Development loans. Fannie Mae and Freddie Mac are considered stockholder-owned corporations.

The most common conventional mortgage terms are fixed for 30 and 20 years, however, Peoples Bank offers the additional flexibility of fixed-rate loans for 10-, 15-, 25- and 40-year terms. Total Mortgage offers 3/1, 5/1, 7/1 and 10/1 ARMs.

Please call today to see if now is the best time to refinance your conventional mortgage or refinance into a conventional mortgage.