3 Thoughts on I have a conv. loan & a 2nd mortgage should I go for a Va and combine both mortgages?
  1. Reply
    July 26, 2012 at 12:06 am

    it depends what your payments are right now and what they will be with a new loan. also you have to take into account if you have a prepayment penalty and if it will be beneficial for you to refinance. also you might want to check out FHA loans. they seem to be the best right now.

  2. Reply
    July 26, 2012 at 12:19 am

    If you plan on staying in the house long enough….. it will pay for itself.
    Meaning: The fees incurred to do the refi will pay for themselves with lower pmts.

    VA is a great loan.

    Remember, there ARE fees. But a god loan officer can show you what you are saving, what it is costing you, and when it will breakeven(pay for itself)

    Good Luck

  3. Reply
    July 26, 2012 at 12:55 am

    VA is great for the first time you use it.
    If you’re not disabled…they will charge you the funding fee.
    First time around is 2.2%…and the second time is around 3%. This funding fee is one of the fees associated with the loan. It’s a great loan if you plan to use it the first time to avoid PMI, but savings comes through years of living in the home.

    FHA is 1.5% funding fee…cashout up to 95%.
    MyCommunity does rate/term refi only, and they have no funding fees, but a small monthly payment of PMI.

    You have many options…find a broker who can do all government loans

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