If so, I assume you've been getting notices from the VA about the refinance program going on now.

Good deal or not? Obviously it depends on how much it costs to refinance (and what your current interest rate it). I know I need to call and talk to one of their loan officers, but I figured I'd ask here and see if anyone else had already checked into this.

3/7/2010 9:56:57 PM

I had a VA loan with my first house but decided it wasn't worth using for my 2nd house. I always ran into problems trying to refi and I made enough money off the sale of my first house to have a decent down payment on the 2nd.

3/7/2010 10:09:22 PM

I have a VA and have received tons of those notices, but the rates have never been attractive enough to where they would offset the cost of doing a re-fi, so I never bothered.

3/8/2010 3:28:27 PM

I have a VA loan but obviously I haven't been keeping up with my mail

my interest rate is 4.87 though so I probably don't need it.

3/8/2010 3:53:02 PM

i have a VA and get those same emails...i also dont understand how this whole refinance thing works...im pretty sure my rate 6.5 right now...and i always get emails about 4.5? so im not sure if that does me any good, im sure there is a fuckjob some where in the plan

3/9/2010 12:27:33 AM

^that definitely can do you some good. on a 200k loan, the difference between payments on a 30 yr with 4.5% vs. 6.5% is 250 bucks.

3/9/2010 6:22:03 AM

yeah, but you also have to factor in all the fees that come into play in the refi process. Typically, the more competitive the rate, the higher the fees. You gotta look at how many months at the new rate you'd have to go before the 'break even' point. sometimes it's not worth it, sometimes it is. Point is the rate alone is not enough information.

3/9/2010 8:00:09 AM