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liaina01 · Joined: 06 Apr 2009 Posts: 1 1.32 Dollars($)

I would like to refinance my home to lower my monthly payments. My current int rate is 8.4% I currently owe 122530 and the home is appraised at 130,000. Tried to refinance using FHA but with an 85%LTV it would not cover the entire loan amt. Would it be a smart idea to utilize my VA benefit for refinance now or hold off incase I may have to move and need to purchase a new home.

smckaybiz · Posted: Mon Apr 06, 2009 7:29 pm Post subject:

Welcome to the forum,

Unless you really think you are going to be moving sometime in the next few years I would go ahead and use that VA benefit now while the rates are as low as they are. You could probably almost cut your interest rate in half and save yourself a lot of money. i would then maybe use some of that extra money to help pay down your principal balance on your mortgage just in case you do end up having to move so you don't get stuck in a bad situation where you can't sell your home for what you owe on it.

Good luck and let us know which way you decide to choose.

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