2011 Golden Opportunity for VA Refinance
Whether they already have a VA home loan or not, military members who qualify can take advantage of the lowest mortgage interest rates in recent history.

SALT LAKE CITY, UT, September 28, 2011 /24-7PressRelease/ -- iFreedom Direct, a VA specialty lender, announces a golden opportunity for veterans looking to refinance their mortgages. Whether they already have a VA home loan or not, military members who qualify can take advantage of the lowest mortgage interest rates in recent history. Last week, the average 30-year fixed rate mortgage was 4.09%, and 15-year rates are as low as 3.29%.

When rates are this low, every veteran who qualifies has the potential to cut the term of their existing loan and build equity faster. Something VA-eligible borrowers may consider while interest rates are down is refinancing with a shorter term VA loan. A hypothetical comparison of a $250,000 mortgage amortized at 30 years and 15 years might look like this:

- 30-year loan at 6% = $1,499 monthly or total of $539,595 over time
- 15-year loan at 3.5% = $1,787 monthly or total of $321,697 over time
(tax and insurance not included)

Though the 15-year VA mortgage may cost a little extra each month, the savings over time is compelling. The 30-year borrower at 6% will end up paying $289,595 in interest. But, a 15-year mortgage at 3.5% will cost the borrower just $71,697 in interest. While rates are low, a 15-year mortgage may be something borrowers may want to take a closer look at.

For military members who can't afford a higher monthly payment, getting a 30-year VA refinance with a lower interest rate and no mortgage insurance is still a great opportunity.

Refinancing with a VA loan now can save most VA-eligible borrowers big money. First, refinancing an existing mortgage balance at today's lower interest rates will likely result in a lower monthly payment. Second, the mortgage insurance charged to borrowers with less than 20% equity who use FHA or Conventional refinancing programs is not required with a VA loan.

According to CoreLogic market research, 63% of residential mortgages have interest rates above 5%. Also, 46% of homeowners with mortgages have less than 20% equity in their homes.

Historically low interest rates of 2011 have sparked a miniboom in the mortgage refinancing market. And, borrowers who can afford a slightly higher monthly payment are opting for shorter-term mortgages according to Freddie Mac.

iFreedom Direct's production manager, Dave Turville says, "Today's rates are as low as I've seen, making this an exciting time for VA refinancing, especially for shorter term loans because so much more of the payment goes toward principal."

Headquartered in Utah, iFreedom Direct has U.S. Department of Veterans Affairs approval to originate and underwrite VA home loans. The company funds VA mortgages in almost every U.S. state. iFreedom Direct's professionals have specialized in government-backed mortgage lending since 1984, and can assist VA-eligible borrowers with all home loan needs.

Press Release Contact Information:

Justin Bath
iFreedom Direct
Marketing Director
2363 S. Foothill Drive
Salt Lake City, UT
United States 84109
Voice: 8014932827
Website: Visit Our Website