Posted on May 4, 2020
SSG Combat Engineer
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I recently purchased a home 8-9 months ago and I’m already getting bombed with offers to refinance. It seems odd and I’m skeptical of the offer that’s to good to be true. Is there anything I should look for or is this a steer clear situation all the way?
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Responses: 26
SSgt Holly Burwell
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I finished my IRRRL with Roundpoint mortgage and they were legitimate. They let me skip one month, and didn't charge me all of the fees the other places were trying to charge.
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SSgt Holly Burwell
SSgt Holly Burwell
3 mo
Also, I only had my current VA loan 8 months. I wouldnt have done it if I had paid for a couple years already.
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Sgt I B
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Greetings,

I’m a Combat Vet and now I’m a Loan Officer and am also specialized in VA Lending. A VA IRRL is a streamline refinance that does not require an appraisal, asset verification, or credit check ( if refinancing with current servicer ). VA rates are lower than Conventional or FHA so for the most part you should get a reduction in rate. The most common knowledge most Vets lack is that if you’re not collecting VA Disability Compensation then you will be required to pay a VA Funding Fee. That fee can be wrapped on to the loan. It’s important to know how much your VA funding fee is since that is a HUGE determining factor on whether the refinance will benefit you. It all depends how long you are planning on staying in that home. Please make sure you will recoup the closing costs before you decide to sell the home or finish paying off your loan. There is so much more to know. Also, make sure that you explore Lenders that don’t charge origination fees on VA loans. Explore the big banks and not the local brokers.
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SGT Robert Johnson
SGT Robert Johnson
3 mo
How do you see the forbearance that most banks are giving affecting rates and housing prices? Do you see a possible shortage of liquidity down the road? I see a liquidity crisis on the horizon and refi apps exploding to alleviate the lump sum payments increasing today's interest rates. I feel like this is 2008 all over again but in slow motion.
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SSG PATRIOT Fire Control Enhanced Operator/Maintainer
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I'm doing one right now. My interest rate is decreasing 1.25%, and going to end up saving about 40k over the life of the loan along with a good decrease on my monthly payment.
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SSG Combat Engineer
SSG (Join to see)
3 mo
That’s pretty much what the offers say it can save me also. I guess my next step will be to research the companies and find someone with a good reputation. Thanks for the input.
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SSG PATRIOT Fire Control Enhanced Operator/Maintainer
SSG (Join to see)
3 mo
SSG (Join to see) it's been minimal paperwork for me. Should be closing mine this week or next. 0 cash to close. Skipping the next 2 mortgage payments. Sure, my loan is going up a bit due to the new funding fee and some closing costs but it'll be re couped in a couple years of savings.
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