Posted on May 4, 2020
Anyone ever done an IRRRL on a VA backed loan? Good bad and ugly experiences? Anything to be cautious of?
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I recently purchased a home 8-9 months ago and I’m already getting bombed with offers to refinance. It seems odd and I’m skeptical of the offer that’s to good to be true. Is there anything I should look for or is this a steer clear situation all the way?
Department of Veterans Affairs (VA)
VA Loan
Finance
Loan Officer
Posted >1 y ago
Responses: 28
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I finished my IRRRL with Roundpoint mortgage and they were legitimate. They let me skip one month, and didn't charge me all of the fees the other places were trying to charge.
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SSgt Holly Burwell
Also, I only had my current VA loan 8 months. I wouldnt have done it if I had paid for a couple years already.
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I'm doing one right now. My interest rate is decreasing 1.25%, and going to end up saving about 40k over the life of the loan along with a good decrease on my monthly payment.
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SSG (Join to see)
That’s pretty much what the offers say it can save me also. I guess my next step will be to research the companies and find someone with a good reputation. Thanks for the input.
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SFC (Join to see)
SSG (Join to see) it's been minimal paperwork for me. Should be closing mine this week or next. 0 cash to close. Skipping the next 2 mortgage payments. Sure, my loan is going up a bit due to the new funding fee and some closing costs but it'll be re couped in a couple years of savings.
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Greetings,
I’m a Combat Vet and now I’m a Loan Officer and am also specialized in VA Lending. A VA IRRL is a streamline refinance that does not require an appraisal, asset verification, or credit check ( if refinancing with current servicer ). VA rates are lower than Conventional or FHA so for the most part you should get a reduction in rate. The most common knowledge most Vets lack is that if you’re not collecting VA Disability Compensation then you will be required to pay a VA Funding Fee. That fee can be wrapped on to the loan. It’s important to know how much your VA funding fee is since that is a HUGE determining factor on whether the refinance will benefit you. It all depends how long you are planning on staying in that home. Please make sure you will recoup the closing costs before you decide to sell the home or finish paying off your loan. There is so much more to know. Also, make sure that you explore Lenders that don’t charge origination fees on VA loans. Explore the big banks and not the local brokers.
I’m a Combat Vet and now I’m a Loan Officer and am also specialized in VA Lending. A VA IRRL is a streamline refinance that does not require an appraisal, asset verification, or credit check ( if refinancing with current servicer ). VA rates are lower than Conventional or FHA so for the most part you should get a reduction in rate. The most common knowledge most Vets lack is that if you’re not collecting VA Disability Compensation then you will be required to pay a VA Funding Fee. That fee can be wrapped on to the loan. It’s important to know how much your VA funding fee is since that is a HUGE determining factor on whether the refinance will benefit you. It all depends how long you are planning on staying in that home. Please make sure you will recoup the closing costs before you decide to sell the home or finish paying off your loan. There is so much more to know. Also, make sure that you explore Lenders that don’t charge origination fees on VA loans. Explore the big banks and not the local brokers.
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Sgt Jeremiah McKenna
SGT (Verify To See) - Not necessarily 2008 again, as there were a few other factors in play then, that are not happening now. But yes, there are going to be a rise in foreclosures in the next year, especially if the governors don't get their heads out of their culo's and open their States economies and allow the organic economics to happen.
As A Real Estate investor, I am seeing a peak in prices in my area as more houses come on the market. However, those prices will start to fall a little faster once the banks release their inventory. This is a good thing because by then more people will be able to afford the houses and payments, especially with the low rates. I don't see the rates going up much in the next year either, especially with gas prices going up, causing prices on other goods/services to also rise. Employment numbers, more importantly the participation numbers going up, which also adds to the upside of the overall picture.
As A Real Estate investor, I am seeing a peak in prices in my area as more houses come on the market. However, those prices will start to fall a little faster once the banks release their inventory. This is a good thing because by then more people will be able to afford the houses and payments, especially with the low rates. I don't see the rates going up much in the next year either, especially with gas prices going up, causing prices on other goods/services to also rise. Employment numbers, more importantly the participation numbers going up, which also adds to the upside of the overall picture.
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