@Anonymous wrote:We started our VA IRRRl (streamline refinance) a couple weeks ago and we are scheduled to close on Wednesday. Rates are very good right now. I would highly suggest shopping around though to find the best deal. We started with Lender A, they wanted $1800 in closing costs (would roll into the loan balance) and offered 3.25%. Lender B wanted $3200 in closing costs (rolled into the loan) also at 3.25%. We went with Lender C, the had $1185 in closing costs but offered $2600 in lender rebates, no origination and no points. The remainder of the lender credit is going to setting up the new escrow account. So be sure to shop around. Right now there are really good lender credits, enough to pay your closing costs and maybe even a portion of your new escrow account. Oh, our original loan was 3.75% so we're saving $85 a month with a zero month break even point.
If you do the streamline refinance for the VA loan you will need to set up a new escrow account. However you will get a full refund of your current escrow account so that is basically awash. If you can find lender credits to pay for your closing costs then I would do it.
Whens shoppping around with various lenders be sure ask what overlays they have. The VA does not require a new appraisal but some lenders do. Go with a lender that does not require a new appraisal to save you some money. The documentation required is minimal. We only had to provide a current mortgage statement, a copy of the Note from the original purchase, a copy of the home owner's insurance policy and a copy of our ID's. Nothing else. It was really simple and we are closing within 18 days of applying.
If you are going to be in the house for a while it really is worth doing. If you plan on selling in the next few years then it may not. To calculate your break even point take your total closing costs (if not covered by lender credits) and divide by your monthly P&I savings. I would be happy to refer you to our lender if you want, just send me a PM.
Sorry, @Anonymous, I could have sworn I replied to you (sorry about that).
I received the disclosures, etc and there is no closing or fees, up front or rolled into the loan, which is what they promised. As for the escrow, it was going to have to be done anyway. Now that I have my tax exemption and pay zero property taxes, I will get a full refund of that portion of the escrow so I will do a little better than a 'wash' there 
Hope everything went smooth with yours and thanks again for the advice!
@Anonymous wrote:We started our VA IRRRl (streamline refinance) a couple weeks ago and we are scheduled to close on Wednesday. Rates are very good right now. I would highly suggest shopping around though to find the best deal. We started with Lender A, they wanted $1800 in closing costs (would roll into the loan balance) and offered 3.25%. Lender B wanted $3200 in closing costs (rolled into the loan) also at 3.25%. We went with Lender C, the had $1185 in closing costs but offered $2600 in lender rebates, no origination and no points. The remainder of the lender credit is going to setting up the new escrow account. So be sure to shop around. Right now there are really good lender credits, enough to pay your closing costs and maybe even a portion of your new escrow account. Oh, our original loan was 3.75% so we're saving $85 a month with a zero month break even point.
If you do the streamline refinance for the VA loan you will need to set up a new escrow account. However you will get a full refund of your current escrow account so that is basically awash. If you can find lender credits to pay for your closing costs then I would do it.
Whens shoppping around with various lenders be sure ask what overlays they have. The VA does not require a new appraisal but some lenders do. Go with a lender that does not require a new appraisal to save you some money. The documentation required is minimal. We only had to provide a current mortgage statement, a copy of the Note from the original purchase, a copy of the home owner's insurance policy and a copy of our ID's. Nothing else. It was really simple and we are closing within 18 days of applying.
If you are going to be in the house for a while it really is worth doing. If you plan on selling in the next few years then it may not. To calculate your break even point take your total closing costs (if not covered by lender credits) and divide by your monthly P&I savings. I would be happy to refer you to our lender if you want, just send me a PM.
Sorry, @Anonymous, I could have sworn I replied to you (sorry about that).
I received the disclosures, etc and there is no closing or fees, up front or rolled into the loan, which is what they promised. As for the escrow, it was going to have to be done anyway. Now that I have my tax exemption and pay zero property taxes, I will get a full refund of that portion of the escrow so I will do a little better than a 'wash' there
Hope everything went smooth with yours and thanks again for the advice!