Got a house with VA loan for 5.75% this year Jan 2024, and i got a mail today saying that i can use a VA IRRRL Loan to refinance down to 4.50% fixed interest rate, 4.99%APR.
Is this a good offer or should i wait until its closer to 4.00% or below.
Im still new and learning about how the IRRRL Loan works.
Posted by Former-Ad5052
4 Comments
Nope. Just wait.
Unsolicited offers are for suckers. They will kill you with closing costs.
Watch rates on your own. Stay patient.
Half point increase on the APR over the rate? That sucks – lots of fees. Don’t reward those scammy lenders. Wait and go with a reputable local lender. You already have a killer interest rate.
For the IRRL, do you have to stick with the same lender or can you jump lenders? PenFed said they couldn’t get lower than what I have now at 6%