What are the chances of interest rates being reduced to allow a refinance on an existing VA mortgage?
I am currently at 6% but at age 62 would like to be able to refinance at a lower, more manageable, rate/payment in retirement. A: I’d say the chances are pretty good. Rates are the lowest they’ve been in years, and they may be heading down even further. As long as you have a decent credit score and are still employed, you should be good to go. But you need to compare the cost of refinancing to the net savings to see if such a move is worthwhile. If it costs, say, $3,000 out of your pocket to refi, and you end up saving $100 a month, it would take 30 months to recoup your cost. After that, it is found money. But if you sell or otherwise pay off your new loan before that, you would have wasted your money you spend to close on the new loan. Q: More than 10 years ago in Ohio, I was notified by the IRS that a tax lien had been placed on my small business. After closer review, it was discovered that the IRS made a mistake and it was another company with the same name, only “Inc.”, not “llc”
