15 year va Mortgage Rates15-years va Mortgage interest
VA loans up to 15 years of refinancing?
I have a 30-year VA facility with a 3.5 per cent interest fix. I would like to shorten the credit period by re-financing into a 15-year mortgage. Thank you, dear Joe, my feeling is that you shouldn't switch to a 15-year mortgage. One of the best ways to fund a 30-year VA mortgage on a 15-year fixed-rate mortgage would be to ensure a lower interest payment.
So if you re-finance into another VA loans, you are likely to be paying a financing charge somewhere between 1.25 per cent and 3.3 per cent. Closure charges also apply. This is slightly lower than the interest rates stated on your current mortgage. They would need to know the average return (APY) of the real amount refinanced each year to be able to match it with your current lending interest rates.
They have a good interest on the 30-year term fixed interest loans. I would suggest that you look into making extra capital repayments on your topical mortgage. This should be paid off more quickly and you should not have to bear the extra acquisition cost and the VA financing charge associated with re-financing. Retaining the mortgage may be better as the extra capital is not contractually agreed.
When your home is tight for a whole months, you can bypass the extra number. They can' do that if you switch to a 15-year mortgage. When you can get an interest below your present 3.5 per cent on an annuity per cent base, inclusive of all financing fees, points and acquisition fees, then your re-financing might be rewarding.
Prerequisite for this is that you are planning to remain in the building long enough so that the lower interest expenses can compensate for the closure and financing outlays. Please see further Dr. Don articles for further financial counsel.
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