Hey fellas I love and trust yall so putting some info out hoping to get some advice
Current loan 503k 6.5% 29 years
Current provider offering me 503k 4.99% for 30 years .
They told me there would be 1k title fee cost and that’s it. Is this right? Please let me know pro’s and cons of the VA IRRL. Thank you so much in advance
Posted by Which-Invite7392
4 Comments
There are no lenders at 4.99% without some kind of lender fee, broker fee,or points. Take a higher rate that pays your closing costs, then refinance again next year.
That’s better than I’ve heard of rate wise without paying for points or rolling costs into your loan.
Sounds suspicious, but look at the cost sheet they send with the numbers.
Is there any chance it’s not an IRRRL? Your current lender can change the rate without an official refi.
I’ve done a VA IRRL and it was as simple as you’re describing. I do that IRRL in a heartbeat if I was at that high of interest rate. But if you’re already doing a refinance, maybe do some cash out if you can? It’s the perfect opportunity to get large repairs done.
I’m refinancing and have 5.25% from NFCU