VA Refinance question

[Anonymous]

Hello all, We purchased our first home last November with the help of alot of you from this forum. Thanks again!!!  

We have a VA loan @ 6.1% we paid $192500. We keep getting many and I mean Many offers to refinance most are saying we can get a interest rate of 4.5% no fees, no credit check due to the VA streamline refinance program. I keep saying we should look into it but Hubby says he isnt comfortable since all the places that are sending us the invites to refinance we have never heard of and all are usually not even in our State but all say they are VA approved. Should we refinance now? We are not having any problems making our payments and hubby says this is for people having trouble making payments. I  feel if we can get a cheaper interest rate we should do it and since there is no fees it sounds great to me!! Any advice good or bad?? We would appreciate it. 

[Lel]

I'd also be wary of any unsolicited offers to refinance your home.  That said, it is possible that refinancing now could knock about 1% off your interest rate, if not a little more.  The best place to start is with your current lender, though you can approach any participating VA lender.  I don't think the VA Streamline refinance is limited to those who are having trouble affording their current mortgage.

http://www.homeloans.va.gov/IRRRL.htm

[DallasLoanGuy]

4.5% and no fees is a lie

[Anonymous]

So Dallas I guess you are saying not to trust any of the offers we get in the mail? I have been tossing them anyway since we get so many of them a week!!..lol..We are fine in our payment so we have no real need to refinance. I was just thinking if it was a 4.5% it would lower our payment  and who wouldnt want a lower house payment?? but if you say there is no 4.5% then I guess we should stay at our 6.1%?? What do you think about this

 VA Interest Rate Reduction Refinancing Loan?  I have read up on it on the Va Website and it says no fees, no credit check ect...

[DallasLoanGuy]

lender will have fees. you WILL pay lender fees either by rolling them into the loan or with an increase in the interest rate.

now.... you have to remember.... they work up these letters a week in advance of you seeing it too.... 

but 4.5% would cost points right now.

and there are fees to do loans.... IRRRL loans or whatever loan. 

[Anonymous]

Thanks Dallas, I think I will listen to hubby from now on(bet no guy thought they would ever hear that from a lady..lol)  You gave me alot of good info when we were in the process of purchasing this house and I appreciate all your advice.  Think we will sit in our existing loan no need to deal with all the stress again if it isnt needed. Thanks Again Dallas!!   

[DallasLoanGuy]

if rates turn back down.... you should get a gfe from a trusted local lender and see what it says.

bring it here for critique

depending on how long you plan on staying in the home... a refi will pay off.