I currently have VA home mortgage at 5.5 percent. I want to get conventional mortgage and leverage current low rates. Besides having 20 percent equity, what other guidance can you provide and what are the best options? -Jim


Why not look at refinancing with a VA loan? You could still take advantage of today’s low rates, you won’t get penalized from a rate standpoint for using a VA loan, and you would likely be able to reduce costs and cash required at closing. With a VA interest rate reduction refinancing loan, you could refinance without an appraisal and the only cost the VA requires is a one-half percent funding fee which can be rolled into the loan. This could be a very good option. Check it out and as with any mortgage transaction, shop around.