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Reply to "VA Interest Reduction Loan"
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[quote=Anonymous]We are in the process of refinancing our current VA loan. We had a 30 yr. mortgage at 6.5% and we are refinancing to a 15 yr. loan at 3.5%. It is a VA Interest Rate Reduction only. The current principal balance on our home is approximately 120K. The home was appraised at 400K. The mortgage processor sent me a Good Faith Estimate and it show an initial loan balance in the amount of 131K and closing costs at 4.5K which includes taxes and insurance. Why is the initial loan balance on the GFE over 10K higher than our current principal balance? How is this amount compiled? If anyone can help me or direct me to a website that explains this information, I'd be very grateful. I'm really confused about this process. [/quote]
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