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VA refinance now that I am on disability

I've seen adverts regarding disability veterans getting a better deal. Do I need to refinance my current VA mortgage in order to take advantage of the lower rates, or should I contact my lender to begin the process of getting lower rates? by tony.h_230_304 from Oceanside, California. Dec 7th 2011 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Hi Tony, You could give it a try first to call your current lender to see if they are willing to work with you. If not give us a call to discuss further. Thanks, Michelle & Benny 201-962-3555 TeamAmbassador@BestMortgageOption.com

Dec 7th 2011
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Dan Paladin (dpaladin)
#1 ranked lender in California - 607 contributions

Hi Tony..if the current market has lower rates than what you currently have then yes it would be to you advantage...as for now being disabled that does amount to the VA funding fee being waived. Contact me and I can provide you with a no obligation cost and benefit mortgage analysis....regards and thanks for your service to our Country. You can reach me toll free at 877-369-4319. Dan

Dec 7th 2011
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Kiyoshi Inui (Kiyoshi)
#535 ranked lender in California - 109 contributions

If you're currently in a VA loan then you may utilize your VA streamline to reduce your interest rate. You can finance up to 100% Loan to Value using your VA streamline, and with minimal supporting documents. Also in regards getting a better deal as a disabled vet only refers to the VA Fee (which in most cases they waive), but this will not have any impact on a receiving a better interest rate. Feel free to contact us to briefly go over your options. 619-822-2407

Dec 7th 2011
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Brian Allen (ballen)
#43 ranked lender in Maryland - 192 contributions

Tony, if you want a lower rate you will need to refinance disabled veterans have evey right to get a lower rate streamline your loan with no income or asset verification. I can be reached at ballen@accessnational.com

Dec 7th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,993 contributions

VA loans are awesome... The "deal" that disabled veterans get on a VA Loan is pretty simple. If you have more than a 10% disability, you do NOT have to pay the VA Loan funding fee. The funding fee varies depending on what service you were in (Regular or National Guard). First use of a VA loan, purchase or refinance, and size of down payment on a purchase loan. Secondly, contrary to what most people assume, you'll almost ALWAYS get a better deal if you DO NOT use your current lender. Need a VA Loan in MN or WI? Visit www.MortgagesUnlimited.biz

Dec 8th 2011
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

>>Do I need to refinance my current VA mortgage in order to take advantage of the lower ratesYes. But disabled veterans don't receive lower interest rates then other veterans. They receive a reduced VA lending fee.

Dec 8th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey Tony... Disabled Vet's do not have to pay the upfront VA funding Fee... but this is only if your disability is service related... Regarding refinancing... there is a streamline option in your current VA loan. Rates are at around 4% for a 30 year fixed, so depending on what your interest rate is now, will determine if refinancing is right for you. Contact a local mortgage broker, not a bank and ask him to do a Total Cost Analysis. This will give you a simple, easy to read report showing exactly how much it will cost to refinance and show you how many months it will take for it to pay for itself. WIlliamAcres.com

Dec 8th 2011
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Rates are 3.5 for a 15 year.....and exempt funding fee, no appraisal if amount of loan is the same or lower...I did need and updated survey because we added a pool. I dropped 10 years off the loan and saved over 150,000.00

Jan 24th 2012
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