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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!
Wow, sounds like a deal! Good luck!
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?
@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.
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.
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
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....