For any military members this could be a great opportunity!! I am taking advantage of a program I just found out about!
If you have an existing VA loan at a high interest rate they are considering it a high risk loan so they offered to reduce my rate from 4.65% to 2.6% and yes these is on an investment property, not primary residence!
There is a 1% fee of the total loan but that gets waived if you receive any service disability! Also you obviously pay the recording fees around $600. There is no appraisal or credit pull for the refi you just needed to make your last 6 payment on time!
So all in all, I am reducing my rate from 4.65% to 2.6% and I am paying $600! This is a great way to generate more cash flow highly suggest looking into this!
Have a great day everyone hope this helps someone out there!! RLTW <2>
@Thomas Corley Do you have any info about this program? Like what its called, the approval process, which lender you used, etc.
Yes @Douglas Spence I do the program is called VA IRRRL (Interest Rate Reduction Refinancing Loan) and I did it through Community Loan Servicing.
let me now if you need anything else.