My son has a home. He is a desert storm vet. He has been able to get his main motgage rate reduced. His second mortgage they have not been able to reduct the rate. It was one of those ” downpayment loans? They are chargeing him alsmost 10%. Do you have any suggestions?
Terry Says: Yes, contact the VA to see if he can refinance into one new VA loan, paying off the balance of both of the other loans. If the home is worth at least as much as the two loans combined, and if he has a credit score of 640, that should be relatively easy to do.
Read the column I wrote with all the details at www.terrysavage.com. If you’re in the Chicago area call Daniel Chookaszian at Perl Mortgage, my expert on this topic, at 312.376.2278 . He can help you through the process. Or if you live in other areas, use the link at the bottom of that column. It will make me feel great this holiday weekend if my column contributes to helping a vet. So please write back and let me know what happens!