First time in almost a year and a half that the average 30-year fixed rate mortgage has gone so low.

If you missed the previous window of opportunity to refinance your home mortgage,you may have a good shot at it now: Seattle-area home values have increased between 10% and 15% since that last dip (depending on neighborhood), so you may be able to re-finance right out of mortgage insurance if that’s been burdening your monthly payments.

If you need a close estimate as to your current home value before you start this process, just call or email me. I would love to help.

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VA loans are what’s happening on the mortgage front – the percentage of all home loans that are VA has more than doubled in just a couple of years.

And best news, as syndicated columnist Kenneth Harney writes – these vets are having a far lower rate of default on their loans than other loan programs are. Put that down to better preparedness all the way around, and a massively better organized program than old-VA home loans.

Some bank-owned homes (foreclosures) have actually been earmarked specifically to be given away for free to returning military. Sounds great but read about it in detail in Harney’s column – it’s actually pretty competitive, with many many worthy veteran buyers all applying for the same house, and then having to prove their home-ownership skills by “renting” the house for a year or two and paying insurance, taxes, maintenance reserves in the meantime. Google Operation Homefront, the Military Warriors Support Foundation, HomeStrong USA for some examples of these programs.

But overall, what a great program VA loans are now! Zero down payments, low-interest rates, no private mortgage insurance (PMI) and big picture credit underwriting.

In addition, VA loans can be used for cash-out refinances for paying off debt, funding university or making home improvements. And there is a “streamlined refinance loan” to help previous VA borrowers take advantage of the currently-better interest rates.

Do you know any veterans? Be sure to spread the word about these opportunities!

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