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Zero, thanks to having a disability rating. No funding fee Quoted:
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How much was the refinance charge? god fucking damnit. I guess big lenders are fucking vets over. thanks rocket |
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I fucking did not know that, nor did the twat waffle that serviced my refi say fuck all about that. god fucking damnit. I guess big lenders are fucking vets over. thanks rocket Quoted:
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How much was the refinance charge? god fucking damnit. I guess big lenders are fucking vets over. thanks rocket |
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I’m a mortgage broker. I’ve closed three VA streamline refis in the last week. They were around 2.9%. To do an IRRL (interest rate reduction loan], you need to reduce your rate by a minimum of .5%, and you have to recoup the costs within 36 months. You have to be at least 210 days into your current loan and made six on time payments. The funding fee on an IRRL is .5%. They’re quick, simple, cheap, and easy loans to do. All three of the loans I closed recently were closed in one week from the application date. If anyone in Missouri is looking to do one, hit me up 
In my opinion, 2.5% isn’t going to happen. Not without paying some fees. VA will allow up to two discount points to be charged. If you go that route, you’re not going to be able to hit your 36 month recoupment test. |
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You should not have to pay the fee with 10%. I am at that, and have never paid the fee. Glad I saw this thread, I am at 3.25% right now, but if I can go down to 3 with no fees, it is worth it. |
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I fucking did not know that, nor did the twat waffle that serviced my refi say fuck all about that. god fucking damnit. I guess big lenders are fucking vets over. thanks rocket Quoted:
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How much was the refinance charge? god fucking damnit. I guess big lenders are fucking vets over. thanks rocket |
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How does Veterans United compare to what mortgage brokers can find? Quoted:
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I’m a mortgage broker. I’ve closed three VA streamline refis in the last week. They were around 2.9%. To do an IRRL (interest rate reduction loan], you need to reduce your rate by a minimum of .5%, and you have to recoup the costs within 36 months. You have to be at least 210 days into your current loan and made six on time payments. The funding fee on an IRRL is .5%. They’re quick, simple, cheap, and easy loans to do. All three of the loans I closed recently were closed in one week from the application date. If anyone in Missouri is looking to do one, hit me up
In my opinion, 2.5% isn’t going to happen. Not without paying some fees. VA will allow up to two discount points to be charged. If you go that route, you’re not going to be able to hit your 36 month recoupment test. BTW. It is illegal for me to take a penny for referring a client to another broker and no way would I put my license on the line. But I don’t want to see anyone get screwed by companies like Quick or Rocket so happy to put people in touch with other brokers. |
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How does Veterans United compare to what mortgage brokers can find? Quoted:
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I’m a mortgage broker. I’ve closed three VA streamline refis in the last week. They were around 2.9%. To do an IRRL (interest rate reduction loan], you need to reduce your rate by a minimum of .5%, and you have to recoup the costs within 36 months. You have to be at least 210 days into your current loan and made six on time payments. The funding fee on an IRRL is .5%. They’re quick, simple, cheap, and easy loans to do. All three of the loans I closed recently were closed in one week from the application date. If anyone in Missouri is looking to do one, hit me up
In my opinion, 2.5% isn’t going to happen. Not without paying some fees. VA will allow up to two discount points to be charged. If you go that route, you’re not going to be able to hit your 36 month recoupment test. |
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You should not have to pay the fee with 10%. I am at that, and have never paid the fee. Glad I saw this thread, I am at 3.25% right now, but if I can go down to 3 with no fees, it is worth it. Do you have a service related disability? |
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That is almost as broad of a question as what does a car cost. Too many variables to know an exact figure without getting more into your specific situation. If you want to send me an IM I can get you a close idea though. Quoted:
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I just refinanced my VA loan from 3.75 to 3.00 a base C8 is $59K w/tax $63,867.50 this is not an abstract idea |
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That is a number. a base C8 is $59K w/tax $63,867.50 this is not an abstract idea Quoted:
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I just refinanced my VA loan from 3.75 to 3.00 a base C8 is $59K w/tax $63,867.50 this is not an abstract idea |
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It's also waived for service connected disability. https://www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/ |
| @carsandguns, what % is a typical brokers fee on VA refinance? If that is a possible question to answer. I get mailings all the time from places like Newday and others for the VA Streamline options. With this thread it's got me thinking as I am at 3.75% on my current VA loan. |
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Quoted: There is literally a half dozen factors that go into figuring the cost / rate. No one can tell you a number with any accuracy without that info. I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? |
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Closing on a new home in two weeks. VA loan. 3.25%, no points. No origination fee. It pays to shop around. |
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Ok, I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? I think the largest part was the fee to the title company at 700 to 800 bucks. I think there were about 1300 dollars in closing costs on a 340,000 dollar loan. |
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Ok, I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? Typically there is very little lender fees with a VA loan but they can buy down the rate up to 1% without needing to get an appraisal, but you still have misc other fees such as the title. Depending on how long you have lived there you may get a discount on the title charges. 1. The date the original loan closed. 2. The original loan amount. 3. The new loan amount. 4. Term of the new loan. 5. Has the borrower added on to the home? What about moving a fence or adding a swimming pool? If so that could trigger the need for a new survey. Is the home a lot and block or on acreage? Lot and block appraisals are $300 or so while one on acreage can be in the thousands. 6. Is their an HOA and do they have any fee's? Typically they don't on a refi, but I have seen some that do. 7. Does the county accept electronic filings or does it need to be done by courier? That changes the cost of filing 8. Is the borrower delinquent on student loans or child support? Both have to be current or its a deal killer. I am probably forgetting a few things, but my point was there is a lot of factors that go on behind the scenes when preparing an accurate quote. |
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Just locked in a IRRRL with 2.75%/30 year fixed, no points, very reasonable closing costs. I could have waited to see if it will go lower but I'm pretty happy with those terms. I wouldn't have gotten serious about it unless I had seen the two GD threads on it; thanks ARFCOM! |
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Just locked in a IRRRL with 2.75%/30 year fixed, no points, very reasonable closing costs. I could have waited to see if it will go lower but I'm pretty happy with those terms. I wouldn't have gotten serious about it unless I had seen the two GD threads on it; thanks ARFCOM! |
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Just locked in a IRRRL with 2.75%/30 year fixed, no points, very reasonable closing costs. I could have waited to see if it will go lower but I'm pretty happy with those terms. I wouldn't have gotten serious about it unless I had seen the two GD threads on it; thanks ARFCOM! I'm at 3.375 but all the mailers I've been getting are 2.9 or higher. |
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Who'd you refi through? I'm at 3.375 but all the mailers I've been getting are 2.9 or higher. |
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Quoted: OK Doesn't say what level of disability. e.g., I am at minimum 10%. |
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I guess I could have been more clear. Typically there is very little lender fees with a VA loan but they can buy down the rate up to 1% without needing to get an appraisal, but you still have misc other fees such as the title. Depending on how long you have lived there you may get a discount on the title charges. 1. The date the original loan closed. 2. The original loan amount. 3. The new loan amount. 4. Term of the new loan. 5. Has the borrower added on to the home? What about moving a fence or adding a swimming pool? If so that could trigger the need for a new survey. Is the home a lot and block or on acreage? Lot and block appraisals are $300 or so while one on acreage can be in the thousands. 6. Is their an HOA and do they have any fee's? Typically they don't on a refi, but I have seen some that do. 7. Does the county accept electronic filings or does it need to be done by courier? That changes the cost of filing 8. Is the borrower delinquent on student loans or child support? Both have to be current or its a deal killer. I am probably forgetting a few things, but my point was there is a lot of factors that go on behind the scenes when preparing an accurate quote. Quoted:
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Ok, I asked him what he paid, Right? He responded Zero B/C of a VA rating. So he paid Zero. So when you say, "No one can tell you a number with any accuracy" can you tell him why he is wrong? This is a real question, What am I missing? Is there a charge from a Broker or something? Typically there is very little lender fees with a VA loan but they can buy down the rate up to 1% without needing to get an appraisal, but you still have misc other fees such as the title. Depending on how long you have lived there you may get a discount on the title charges. 1. The date the original loan closed. 2. The original loan amount. 3. The new loan amount. 4. Term of the new loan. 5. Has the borrower added on to the home? What about moving a fence or adding a swimming pool? If so that could trigger the need for a new survey. Is the home a lot and block or on acreage? Lot and block appraisals are $300 or so while one on acreage can be in the thousands. 6. Is their an HOA and do they have any fee's? Typically they don't on a refi, but I have seen some that do. 7. Does the county accept electronic filings or does it need to be done by courier? That changes the cost of filing 8. Is the borrower delinquent on student loans or child support? Both have to be current or its a deal killer. I am probably forgetting a few things, but my point was there is a lot of factors that go on behind the scenes when preparing an accurate quote. one of my WO at work said he just refi with his leander and used a program called streamline. Do you know anything about that? |
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I just did the quick Rocket Mortgage deal and they offered me 3.125% (current is 3.875) on a 30 year IRRRL but they want $3100 in fees. My payment would be reduced quite a bit but they said I couldn't do a 20 year because the payment would increase. I think if I could find somebody with lower fees and maybe a little lower rate that the 20 year might work. Can you negotiate with Rocket Mortgage/Quicken? Fees seem high based on what everybody says about IRRRL loans. |
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I just had Veterans United look at it, could possibly cut me from 3.75 to 3.125 -- but it would roll $12,500 in combined fees and 16 months of prepaid property tax into the mortgage  just to reduce it $30/m.
Fugghetaboutit. Call up movement mortgage. They're good to go. |
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I just did the quick Rocket Mortgage deal and they offered me 3.125% (current is 3.875) on a 30 year IRRRL but they want $3100 in fees. My payment would be reduced quite a bit but they said I couldn't do a 20 year because the payment would increase. I think if I could find somebody with lower fees and maybe a little lower rate that the 20 year might work. Can you negotiate with Rocket Mortgage/Quicken? Fees seem high based on what everybody says about IRRRL loans. 
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