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Home Loan/Refi Deals

Hair Warrior

New Member
Anyone have gouge or sea stories on a recent home loan or refi? Anyone want to humble brag about their new low rate? I am looking to refi.
 

Swanee

Self aware since 2014
pilot
None
Contributor
Closed in August with a 2.25% with GuaranteedRate.com on a new home. They're aggressively pursuing the VA Loan market.
 

JTS11

Well-Known Member
pilot
Contributor
What are the typical fees/rates associated with an IRRRL?

I know it's that whole break even thing, but I'm thinking about pulling the trigger on it bc it's about 2% lower than what I've got now.
 

bubblehead

Registered Member
Contributor
Anyone have gouge or sea stories on a recent home loan or refi? Anyone want to humble brag about their new low rate? I am looking to refi.
I am currently in underwriting for a VA Jumbo Cash-Out loan at 2.625%. I'll be getting back $150k at closing 🆒 My broker is licensed in FL, NY, NJ, and CT.
 

zippy

Freedom!
pilot
Contributor
Anyone have gouge or sea stories on a recent home loan or refi? Anyone want to humble brag about their new low rate? I am looking to refi.
What kind of loan do you have now and what do you want to refinance into? That can make a difference.

I found THL to be great with the VA stuffs, but they were about .5% higher on a conventional investment property loan and no super enthusiastic to tackle it (my guess is because it’s a lot more hoops and a prolonged process compared to VA IRRL) so I ended up using Paul Thompson at CrossCountry Mortgage for that.

In both instances I looked at NFCU but the 120 day close was a non starter for me.

Trident was probably the easiest mortgage process I’ve had since 2008 once I got there requested docs together and we closed within 30 days. The conventional closed with 60 days and required a bunch of more income documentation and a prolonged underwriting period but was still a pretty straightforward experience.
 

zippy

Freedom!
pilot
Contributor
What are the typical fees/rates associated with an IRRRL?

I know it's that whole break even thing, but I'm thinking about pulling the trigger on it bc it's about 2% lower than what I've got now.
For Trident:

VA funding fee (waived with 10%+ disability)
$895 processing fee which was waived because they didn’t want the business to go to Loan Depot.

Other than that, standard recording notary, title fees and taxes which vary by location.

I think Trident and many others are doing lenders credits these days @ 2.25% which is a really sweet deal.
 

exNavyOffRec

Well-Known Member
What are the typical fees/rates associated with an IRRRL?

I know it's that whole break even thing, but I'm thinking about pulling the trigger on it bc it's about 2% lower than what I've got now.
That should be enough of a drop to make it worth it, each time I look the rates aren't low enough, my rate and what I owe are low enough each time they have said the rates would need to be a 2% to be worth it.
 

Hair Warrior

New Member
Are there any special deals for a SELRES reservist who does not yet qualify for a VA loan/refi? Or am I just like any Jane Doe off the street?
 

Pags

Pope of Chili Town
pilot
What are the typical fees/rates associated with an IRRRL?

I know it's that whole break even thing, but I'm thinking about pulling the trigger on it bc it's about 2% lower than what I've got now.
VA won't let you refi if it doesn't meet their criteria.

I've refi'd twice in the past year, final result is that i chopped my P+I by $150/mo total. Some of the fees were paid by the lender and the rest I rolled into the refi.
 

LAMPS Ninja

I love LAMPS?
pilot
Are there any special deals for a SELRES reservist who does not yet qualify for a VA loan/refi? Or am I just like any Jane Doe off the street?
If you’ve already submitted your VA disability request, you can take a VA loan and then get reimbursed for the funding fees when you get your letter showing the 10+% rating (as long as the mortgage process began after the disability rating request). They did that for me in 2016, and I’d imagine it’s still true today. I think I just had to call the VA loan office and got a check sent to me within a week.
 

bubblehead

Registered Member
Contributor
VA won't let you refi if it doesn't meet their criteria.
If you have equity in your house, you are better off doing a Cash Out loan. You kill two birds with one stone: cash back at closing, and a more than likely lower rate. You can also roll all the closing costs and VA Funding Fee into your loan.

This won't work for everyone, but if you have a lot of equity it's a no brainer IMHO.
 
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