The Benefits of a VA IRRRL - How to Streamline your Refinance?

[@JefftheMortgagePro]

When you're ready to do a VA IRRRL, reach out to me and I'll take great care of you: calendly.com/jeff-trevarthen/15-min-call

[@madman671000]

Just found out about this, great post, talked to my current loan officer, he was more than happy to assist, I will probably wait for interest rates come down some more.

[@JefftheMortgagePro]

Thanks! Glad I could help another loan officer do their job! 😂

[@ericgardner5548]

Many lenders want to do a hard pull on credit. Which is annoying.

[@JefftheMortgagePro]

Yes most need a hard credit inquiry. I have one or two that just do a soft pull if you need help?

[@St.PierreProductions]

Thank you for this! The credit inquiry was my biggest question.

[@JefftheMortgagePro]

You're welcome. Let me know if I can help!

[@jonbertocchi173]

remember va loans arent capped if you dont already have an active loan. i noticed a lot of lenders not know that.

[@JefftheMortgagePro]

💯

[@JamesSisco-u8x]

How can I find out how much my interest rate will decrease?

[@JefftheMortgagePro]

You'll have to talk to your loan officer (me). 😊

[@JamesSisco-u8x]

When I hit my 210 day mark I will come calling!

[@JefftheMortgagePro]

Sounds good!

[@MarkkPow]

Would you happen to know what proof they would need to verify you are living on that property?

[@MarkkPow]

Informational video btw 👍🏿

[@JefftheMortgagePro]

Great question. It's often just assumed. You may need a mortgage statement, a utility bill, homeowners insurance, and/or your identification should show your address. 👍

[@amandacannon9356]

Our bank we use allow us to refinance for free in the first year in the house if the interest rate drops. Should we refinance for free with them or use the VA IRRRL? Is it possible to do both?

[@JefftheMortgagePro]

Great question! Loans are never free...they could be putting the closing costs into the loan in the form of a slightly higher rate. Look into it. I do like the VA IRRRL the best though...with that being said, rates are most likely not favorable for one right now.

[@allfatherschosen]

I am currently at 6.99 with 305k … I was quoted at 6.249 with 315k after closing. I am opting out of escrow where my current balance is 5300 and by bill is looking like 4200 at the end of the year my payments will go from $2680 to $1990. Is it worth the 10k added to my loan or should I wait?

[@JefftheMortgagePro]

Great question! I'd wait at least another month if you can to see what rates do in June. Starting to see signs of a slowing economy. Also, I'm not sure how you can eliminate your escrow account on a VA...double check that with your loan officer. If you want another opinion, happy to take a look.

[@frankburkett7453]

great snapshot on the IRRL, FYI- @.31 seconds, check your spelling of "loan". We bought in February and filling out applications now to refi in October.

[@JefftheMortgagePro]

Sounds like a good plan. 😀

[@davidr9113]

i live in el centro ca i got my property in august im ready to the IRRRL

[@JefftheMortgagePro]

Lets jump on a call: calendly.com/jeff-trevarthen/15-min-call

[@disgruntledvet28]

Going through a divorce need to refinance and get my wife off the mortgage and deed this is MUSIC TO MY EARS!!!

[@JefftheMortgagePro]

Lets check it out.

[@paulowen4328]

Quick question, would I have to streamline with my current mortgage company, or am I able to go with a competitor like yourself. Assumption is yes since you posted a link but not sure since I didn't hear specifically in the video.

[@JefftheMortgagePro]

Great question! You can use anyone you'd like. It doesn't have to be the original mortgage company. Happy to help if you need me.

[@paulowen4328]

Thank you for the reply. I'm currently at 6.75 and past the 120 days. I will set up an appointment from your link.

[@allisoncloud6626]

Can you do a VA IRRL more than once?

[@JefftheMortgagePro]

Yes absolutely Allison. How can I help?

[@robbybatong8050]

Can you buy down the interest rate when using the IRRRL ?

[@JefftheMortgagePro]

Yes absolutely. And you can roll it into the loan as long as there's enough equity.

[@hlhl2691]

Wait is it 210 days OR 7 monthly payments Or 210 AND 7 monthly payments?

[@JefftheMortgagePro]

210 days from date of funding which is 7 months.

[@hlhl2691]

@Jeff the Mortgage Pro oh gotcha, thanks for the reply. Awesome video btw

[@JefftheMortgagePro]

@@hlhl2691 Thank you! Much appreciated. :)

[@vibe_tube3634]

So you still have to pay for 0.5% funding fee hence, my mortgage 200k with IRRRL, I’m paying $10,000 as VA funding fee right?

[@JefftheMortgagePro]

You'd be paying $200,000 x 0.005 = $1000. A lot better than $10k! 😆

[@robertpalos564]

Is the .5% funding fee still applicable if you are a disabled veteran?

[@JohnnyDub]

So could you walk me thru on how to get one? - where should I go to do a IRRRL? A normal mortgage broker? Anywhere that does loans? - what is the downfall of doing these? Regardless, awesome video brother I appreciate this.

[@JefftheMortgagePro]

@johnnydub I can help you. Schedule a call with me: calendly.com/jeff-trevarthen/15-min-call

[@JefftheMortgagePro]

I love to fish too. ;)

[@OneNationPlanet]

Jeff, thank you for this video! When you do a VA CASH OUT refinance, can you use this money for anything you want (like an investment property), or does it have to be related to your current (or future) VA home loan? I could not find specific information in the VA handbook.

[@JefftheMortgagePro]

Anything you want on VA cashout! I can help. 😀

[@fredmaze62]

looking to do an IRRRL

[@nyswimmercard792]

Thanks for the video it was very helpful…. Can you apply for the multiple times?

[@JefftheMortgagePro]

Yes absolutely. You can apply every 6 months as long as rates are dropping and your scenario is improving.

[@JefftheMortgagePro]

@CB BC yes correct. Only when rates are dropping is a VA IRRRL beneficial. Or if your changing the term from 15 to 30 yr. Or ARM to fixed.

[@daytonmcintyre7926]

No contact info?

[@JefftheMortgagePro]

Sorry about that! calendly.com/jeff-trevarthen/15-min-call

[@nelsoncopo7529]

Must go down .5% or more??

[@JefftheMortgagePro]

Yes correct. Also have to recoup the cost of refinancing in 36 months as well.