Posted on Jun 11, 2019
SPC Michael Dillon
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What are current interest rates for refinance of a VA home loan? I'm looking into IRRRL loans, they don't seem to be much of a reduction unless I pay points. Is it smart to buy the points. Currently @ 4.3% in NYS.
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Responses: 4
Sgt Chris Cornejo
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I hope this comment doesn’t throw you off, but what you are saying is correct. It is all based on what is going on in the economy, but what I learned was if you get 2 to 3 lenders working on a IRRRL it will help you. They will compete for your business and will start offering lower rates, points, and so forth. I have actually said to lenders that I was offered a better deal somewhere else and they usually try an beat it. In the big picture if it doesn’t really get you a huge savings it’s best to wait. Your 4.3% is a good rate. Of course the lower the better. I had one lender tell me in 2019 that we would never see under 5% for a long time. He was wrong!!!
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CSM Charles Hayden
CSM Charles Hayden
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Shopping is always a great idea. I have been pleasantly surprised by loan rates offered by private money lender’s agent.

Working at shopping for loan rates = money for you!
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John Burke
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I have several Veterans locked in on IRRRL refis between 3.25-3.5% right now. The great thing about the IRRRL is the Net Tangible Benefit requirement because it requires that your rate drops at least .5% & that you recoup your closing costs in 36 months or less. If those 2 things do not occur, the lender cannot close your loan.
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SGT Javier Silva
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The best place for information. I don't know if you've read this.
https://www.benefits.va.gov/homeloans/irrrl.asp
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