Posted on: 25th Oct, 2011 06:17 am
hi all, new member here. i'm considering doing a va streamline refinance of my existing va mortgage in order to help get me through a period of unemployment. the rate should be slightly lower helping me in the long run. i've read that you can skip two payments and add the cost of the refinance into the mortgage (see the bank's page on va loans:"http://www.nbofkc.com/lending/va-streamline-refinance.aspx")
is this a good idea? or should i look for other options?
thanks!
matt
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is this a good idea? or should i look for other options?
thanks!
matt
[size=9:dd1ae17906][color=red:dd1ae17906][external link deactivated as per forum rules. thanks.][/color:dd1ae17906][/size:dd1ae17906]
Hi mattvistaly,
In my opinion, it won't be a good option to skip payment before you refinance your loan. It will be better if you could remain current on your mortgage payments. This will help you in getting qualified for a better interest rate.
Thanks
In my opinion, it won't be a good option to skip payment before you refinance your loan. It will be better if you could remain current on your mortgage payments. This will help you in getting qualified for a better interest rate.
Thanks
Hello mattvistaly,
Increase in the Principal of a loan, when the loan payments are insufficient to pay the interest due. The unpaid interest is added to the outstanding loan balance, so the principal increases, rather than decreases, as payments are made.
:idea:
Increase in the Principal of a loan, when the loan payments are insufficient to pay the interest due. The unpaid interest is added to the outstanding loan balance, so the principal increases, rather than decreases, as payments are made.
:idea:
