Purchased our house for 340k @7.99% in Dec 2023. Just got my first letter in the mail offering to IRRRL refi at 5.5% We plan to live here for 4-6 years. And then will sell or turn to Airbnb/rental depending on life conditions
Question: #1: google says I can conventional IRRRL refi can someone confirm? Thought is to get my VA entitlement back sooner than later.
Or wait out the rates further and traditional refi?
Primary goal is to save money monthly, secondary is to long term prepare for next house purchase
House refinance question IRRRL or Conventional refinance
byu/Competitive_Sweet996 inMilitaryFinance
Posted by Competitive_Sweet996
3 Comments
Answer to your question 1: If you’ve had a VA mortgage for over six months you can do an IRRL.
I don’t know how to answer the rest of your question though.
I’d say 2.5% rate drop is worth the refinance. But you can do the calculation by taking the difference between your current and new mortgage payments and divide the additional cost that will be paid/added to your loan to do the refinance by yhe difference to get the number of months of paying your mortgage before it becomes profitable to you to do the refinance
What would closing costs look like for this?