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Is it worth it to refinance a VA 30 year Loan to a VA 15 year loan. Current rate is 4.75%. We have excellent credit.

by Gia Price from Arvada, Colorado. May 13th 2015 Reply


Brad Jamison (Brad_Jamison)
#84 ranked lender in Colorado - 17 contributions

Unquestionably. If you can handle the payment it will save you thousands in interest. Please feel free to give me a call with any questions. I am a Veteran myself and specialize in VA financing.

May 13th 2015
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Brad Jamison (Brad_Jamison)
#84 ranked lender in Colorado - 17 contributions

You can reach me directly at 970-232-2976

May 13th 2015
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Russell Rowe (russell.rowe@integritymtg.com)
#108 ranked lender in Colorado - 2 contributions

Absolutely! You would save tens of thousands of dollars! You can call me to talk it over! Russell RoweIntegrity Mortgage & Financial Inc.719-638-0531www.integritymtg.com

May 13th 2015
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

Gia, you're asking a sales person if they want to make a sale :) The answer will be yes no matter how you frame the question. If you were on a 15 year loan looking to go to a 30, the answers would all underline the lower payment you would have. 15 year loan are better loans, as long as your income is secure and you're confident you can afford the higher payment (because your payment will be higher, even if the interest rate is lower). With a 15 year loan, more of your payment goes towards the principal balance of your loan. The easiest way to spot the differences is to find a mortgage payment calculator with an amortization schedule - it will show you what percentage of your payment goes where (how much towards interest, how much towards principal, and how much you pay in interest over the life of the loan). If you income is not all that secure, you can always make extra payments on your mortgage and you will achieve close to the same results as a 15 year loan (anything extra goes towards principle only). That being said, you should be able to shave about 1% off your interest rate by doing a refinance. Just be careful with companies that add closing costs to your loan balance

May 13th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed, but rates on 15 year loan is very low.. much lower than your current rate.. so i would say it's probably going to be worth it.. but the only way to know for sure would be to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 13th 2015
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Arthur Candelaria (arthur@hf-corp.com)
#1110 ranked lender in California - 8 contributions

Yes it would be worth it, watch out for low rates that sound to good to be true, if it sounds to good to be true than it is,. you also can make 6 additional payments a year but make sure the payments go directly towards your principal not your interest and you will accomplish paying down your principal and you are not looked into a higher payment,.Arthur Candelaria 30 years!

May 13th 2015
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