FHA Loan

You can refinance a conventional loan into a VA loan if you are an eligible veteran or member of the armed services in Eugene/Springfield and possibly save a great deal of money.

A VA refinance has a number of benefits, that may include a lower interest rate or elimination of mortgage insurance plus more!

Transferring from a conventional mortgage to a VA mortgage is known as a “Conventional to VA Refinance Loan,” and is a very straightforward process.

Below are some of the advantages offered by switching from a conventional mortgage to a VA mortgage:

• You may be able to lower your interest rate and your monthly payment with low VA refinance rates.

• You are not required to put any money down to get a VA loan refinance.

• Private mortgage insurance is also not required even for those borrowing more than 80% of the home’s value. Not having to pay private mortgage insurance (or PMI for short) can result in significant savings. VA doesn’t differentiate between rate and term and cash out refinances. Both are capped at 90% loan to value.

• You have the option of refinancing to a fixed rate mortgage if you have an ARM to ensure that your interest rates do not fluctuate over time. You can also refinance to an intermediate ARM for lower interest rate over a fixed rate period like five years.

Remember, even if you can only lower your interest rate by a .5% percent you could be saving thousands of dollars over time!

Add to that the saved costs of not having to pay private mortgage insurance, and you’re truly looking at substantial savings in both the long and short run.

If you are comfortable with your current mortgage payment you could choose to pay off your loan more aggressively by selecting a shorter term for your refinance loan.

By moving from a 30 year loan term to a 20 or 15 year term you will pay off your loan years sooner, eliminating a decade or more of interest payments. In addition, interest rates for shorter term loans are often lower than 30 year term loans and will save you thousands of dollars in interest paid.

Contact me

Have us run the numbers so you can see for yourself what you could save and if it doesn’t make sense, I will tell you that too. Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.