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  • 14 Questions about VA Disability Compensation Benefits Claims

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    When a Veteran starts considering whether or not to file a VA Disability Claim, there are a lot of questions that he or she tends to ask. Over the last 10 years, the following are the 14 most common basic questions I am asked about ...
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  • Most Common VA Disabilities Claimed for Compensation:   

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  • Can a 100 percent Disabled Veteran Work and Earn an Income?

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    You’ve just been rated 100% disabled by the Veterans Affairs. After the excitement of finally having the rating you deserve wears off, you start asking questions. One of the first questions that you might ask is this: It’s a legitimate question – rare is the Veteran that finds themselves sitting on the couch eating bon-bons … Continue reading

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Posted (edited)

We were in this same situation a few years ago  we finance at 5.5%   back when the interest rates were up  obviously...we refinance with a better interest rate about 12/13 years ago.

They do have a restriction Claus on refinancing   I think you need to have at least lived in your home a year before they will let you refinance  depending on your lender& VA if you have a VA lOAN?

So  with the Interest rates down right now  and if you can get at least a 2.25% loan  (depending on credit score) I'd sure do it...it will cost you but maybe just what you have paid in principle  for the year you live there  they tie the finance cost on the back of the loan   so you shouldn't have any out of pocket cost.

We sold our home June 9th 2020   and it took us a while to find another house  because Interest rates were so low Eveybody started selling their homes and  getting bigger more expensive homes  due to the low interest rate ,  this caused us a while to find a home because getting into a bidding war to buy a house is not good   we always got out bidding   so this is why it took us a while to find another home.

We just purchase a home Dec 9th  2020 and we got 2.25% Interest rate.  and were fine with the payments.

Interest rates may not get to much lower than they are now  and they can rise overnight.  so if you can lower your interest rate and lower your house payments   I say hell yeah.

later on you can always pay  1/2 a payment two times a month  or have your payments taken out  paying on your loan every 2 weeks  or say 3 times a month  breaking up the full payment,   you can get your equity built up a lot faster because your paying mostly on the principle....you can also do this on a auto loan   the more you pay on the principle the faster the Interest rate goes down  on a long term loan  like 48 months or longer.

Edited by Buck52
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It would require many more details for us to advise you.  However, some general principals apply: 1.  If you dont plan on staying in your home "At least" the next 4 or 5 years, you are probably b

We were in this same situation a few years ago  we finance at 5.5%   back when the interest rates were up  obviously...we refinance with a better interest rate about 12/13 years ago. They do have

Thanks for that. Yes, If we can get a 2.5 or less, that would be great. I think I'll wait a little longer. I want to have the best credit to get the lowest rate. If I get the lower rate, I'll use the

55 minutes ago, Buck52 said:

We were in this same situation a few years ago  we finance at 5.5%   back when the interest rates were up  obviously...we refinance with a better interest rate about 12/13 years ago.

They do have a restriction Claus on refinancing   I think you need to have at least lived in your home a year before they will let you refinance  depending on your lender& VA if you have a VA lOAN?

So  with the Interest rates down right now  and if you can get at least a 2.25% loan  (depending on credit score) I'd sure do it...it will cost you but maybe just what you have paid in principle  for the year you live there  they tie the finance cost on the back of the loan   so you shouldn't have any out of pocket cost.

We sold our home June 9th 2020   and it took us a while to find another house  because Interest rates were so low Eveybody started selling their homes and  getting bigger more expensive homes  due to the low interest rate ,  this caused us a while to find a home because getting into a bidding war to buy a house is not good   we always got out bidding   so this is why it took us a while to find another home.

We just purchase a home Dec 9th  2020 and we got 2.25% Interest rate.  and were fine with the payments.

Interest rates may not get to much lower than they are now  and they can rise overnight.  so if you can lower your interest rate and lower your house payments   I say hell yeah.

later on you can always pay  1/2 a payment two times a month  or have your payments taken out  paying on your loan every 2 weeks  or say 3 times a month  breaking up the full payment,   you can get your equity built up a lot faster because your paying mostly on the principle....you can also do this on a auto loan   the more you pay on the principle the faster the Interest rate goes down  on a long term loan  like 48 months or longer.

Thanks for that. Yes, If we can get a 2.5 or less, that would be great. I think I'll wait a little longer. I want to have the best credit to get the lowest rate. If I get the lower rate, I'll use the difference in mortgage payments to pay off my car. After that, we'll take all that money and pay extra for 6 months and use the other 6 months worth for improvements or savings.

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Posted (edited)

If you already have a VA (backed) loan, call the loan company and see if you can get the new/better rate.

I did it three times and went from 4.5% (2016), 3.25% (2019) and 2.375% (2020).  All with the same company and same bank.

IFreedom and Wintrust Bank.

I did it to reduce my payment amount.  The first time, I got a tax refund for points, but none the second time.

I kept the time period the same, just got the better rate cause of the government program.

FWIW,

Hamslice

 

Edited by Hamslice
cause I can
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We moved for 3 reasons  one was to get cheaper payments  2. we wanted to down size  having a bigger house with just two people   well we had rooms we never used.  so we down sized.

3. I didn't get along with the  H.O.A. People and their rules. & normally I can get along with anybody.

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