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Frequent Contributor
JagerBombs89
Posts: 406
Registered: ‎09-13-2009
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VA Streamlined Refinance (IRRRL)

[ Edited ]

First of all I would like to thank all the members here at MyFICO for all the excellent advice that is given on this forum. I started out at a EQ:609, brought it to 650 to get financed and am currently at EQ:731 and TU:744


I have owned my home for about a year now and have a 5.5% rate on my home, with just owing over $120,000. WellsFargo picked up my loan earlier this year and I decided to call them about the Streamline Refinance. I liked everything I heard and submitted my application to refinance and below are my results (and specifics):

-15 Year refinance

-APR at 4.0%

-Monthly P&I increase of only $200/month

-No credit check required -No appraisal

-No income verification (from the VA as WellsFargo has required it)

-$800 Max total closing costs!

-Savings of over $80,000 in interest!

 

I am pretty excited about it and should be receiving paperwork in 2 weeks. Overall process takes about 60 days to finalize so hopefully everything goes smoothly! Wish me luck!

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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: VA Streamlined Refinance (IRRRL)

Wow, sounds like a deal! Good luck!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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GRILLMASTERNEEDAHOUSE
Posts: 68
Registered: ‎05-26-2009
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Re: VA Streamlined Refinance (IRRRL)

Its funny that you mention that. I looking at IRRRL program myself to cash in at lower rates. I'm at 5.5 myself. Question?

 

1. Did you research anybody other that Wells Fargo?

2. Did you get a GFE stating the same thing?

Grill Master now has a house! Closed 8/26. Yay!
Frequent Contributor
JagerBombs89
Posts: 406
Registered: ‎09-13-2009
0

Re: VA Streamlined Refinance (IRRRL)


GRILLMASTERNEEDAHOUSE wrote:

Its funny that you mention that. I looking at IRRRL program myself to cash in at lower rates. I'm at 5.5 myself. Question?

 

1. Did you research anybody other that Wells Fargo? I looked at a couple other places, like USAA, but closing costs were much higher.  WellsFargo seemed like a good choice for me because my current mortgage was at WellsFargo so I figured there would be less fees, easier approval, and a better rate. (Not sure if that is accurate or not)

2. Did you get a GFE stating the same thing? I am not sure as I have not reviewed the paperwork that they have sent.  I will be looking it over and signing shortly. 


 

Frequent Contributor
JagerBombs89
Posts: 406
Registered: ‎09-13-2009
0

Re: VA Streamlined Refinance (IRRRL)

Just as an update... I signed the paperwork and faxed it in.  I am just waiting on an update from my mortgage consultant.

The $800 max closing cost turned out to be total max CASH DUE AT CLOSING.  The actual total settlement charges, based off the GFE, was only $3800 and only about $1500 is getting rolled into the new loan.

Frequent Contributor
JagerBombs89
Posts: 406
Registered: ‎09-13-2009
0

Re: VA Streamlined Refinance (IRRRL)

So I haven't posted in here in a while but I am due to close on my refinance in 1 week!  I asked for a copy of my settlement statement and I got my final numbers.  Total settlement charges are roughly $1700, which includes a $977 credit for interest rate, and cash brought to table is only $39.  My expected time to break even is 3 months as my principal payments greatly outweigh the interest :smileyhappy:

 

  • 15yr Refianace
  • 4.0% APR
  • $1700 In Settlement Charges
  • $39 cash brought to closing
  • $80,000 saved in interest over a 30yr loan @ 5.5% APR
New Visitor
seancollin
Posts: 1
Registered: ‎02-15-2012
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Re: VA Streamlined Refinance (IRRRL)

[ Edited ]

Is there a lot of variance in VA refinance rates? Does the VA set the rates? How are IRRRL rates determined ?  Seems like they are slightly less than conventional by about .25% just an observation....


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