What is a good interest rate on homes at this time?

lightshineon · Sun Mar 07, 2010 - 21:02:15

The VA wants us to refinance, our home for a much lower interest rate. Would you trust that at this time?I am talking fixed loan, which I have a fixed loan now. Do you trust the VA loan system? It is not who holds my loan at this time.

walker starr · Sun Mar 07, 2010 - 21:07:58

I suggest you do this but only after your attorney reads the loan agreement and says its OK.
Its always nice to save money but only if one can do so safely.

lightshineon · Fri Mar 19, 2010 - 23:25:39

Hi Mr. Walker, well we did it and will close on Tuesday. Our home appraised much higher than what we gave for it, which was a blessing. The appraiser, was a very honest man, who could have no personal interest.

walker starr · Sat Mar 20, 2010 - 00:14:13

congratulations

GOD bless.

lightshineon · Sat Mar 20, 2010 - 13:36:45

Thanks Mr. walker, it is unusual, and very much a blessing in these times for a home to appraise for more the second time.

k-pappy · Mon Mar 29, 2010 - 07:52:34

Hi LSO!

The VA doesn't actually issue the loan, they just back it. Banks will typically forgo a downpayment and PMI with the VA guarantee.

As far as rates, they are somewhere between the 5 1/4 and 5 1/2 range atm, I believe.

Bond

lightshineon · Tue Mar 30, 2010 - 18:41:12

Thanks Bond ours will be about a 5% fixed.

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