Author Topic: VA Streamline ReFi?  (Read 863 times)

Chris22

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VA Streamline ReFi?
« on: September 23, 2021, 08:29:40 AM »
I’m exactly 1 year into our 30-yr fixed Jumbo mortgage, at 2.875%. We’re in our “forever” (at least until my youngest, 4, graduates from HS) home, and I’m not interested in taking cash out (~$200k of equity in the house).  Just seeing rates that start with a “1” in the 3 mailers I get every day and feel like I should jump on it. Have also heard that with a VA loan there’s a streamline refi option that’s cheap and easy?  Anyone know anything about this and gone through the process?

SKL-HOU

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Re: VA Streamline ReFi?
« Reply #1 on: September 23, 2021, 03:53:21 PM »
FHA Also has the streamline option which is what i did last year. You don’t get cash and no need for appraisal with streamline.

nessness

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Re: VA Streamline ReFi?
« Reply #2 on: September 23, 2021, 04:22:10 PM »
Would you put down cash to refi into a non-jumbo mortgage? If not, you may not be able to lower your rate that much. And some lenders require a certain percentage drop to do a streamline refinance (I think USAA said 0.5%).

I recently locked a VA jumbo loan rate that's higher than your current rate (for a new purchase, not a refi). Don't trust what's on the mailers.

Chris22

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Re: VA Streamline ReFi?
« Reply #3 on: September 24, 2021, 08:18:18 AM »
Would you put down cash to refi into a non-jumbo mortgage? If not, you may not be able to lower your rate that much. And some lenders require a certain percentage drop to do a streamline refinance (I think USAA said 0.5%).

I recently locked a VA jumbo loan rate that's higher than your current rate (for a new purchase, not a refi). Don't trust what's on the mailers.

Not interested in putting cash down to get off of Jumbo (would be like $150k?).

LightStache

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Re: VA Streamline ReFi?
« Reply #4 on: September 24, 2021, 02:08:06 PM »
I've done two VA IRRRLs, aka streamlined refi. It's been a few years, but I don't remember them being difficult. If you're not exempt from VA funding fees, it will cost you 0.5%.

I'm seeing 30-year VA loan rates between 2.25% and 2.75% on bankrate right now. That makes it a marginal case. I'd run the numbers and pull the trigger if 1) there is actually savings after fees and 2) the amount of savings is meaningful to you.

nessness

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Re: VA Streamline ReFi?
« Reply #5 on: September 24, 2021, 03:03:29 PM »
Would you put down cash to refi into a non-jumbo mortgage? If not, you may not be able to lower your rate that much. And some lenders require a certain percentage drop to do a streamline refinance (I think USAA said 0.5%).

I recently locked a VA jumbo loan rate that's higher than your current rate (for a new purchase, not a refi). Don't trust what's on the mailers.

Not interested in putting cash down to get off of Jumbo (would be like $150k?).
Google is showing average VA jumbo loan rates of >3%, so I don't think it would make much sense right now, although I guess there's no harm in checking.

slappy

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Re: VA Streamline ReFi?
« Reply #6 on: September 24, 2021, 03:03:52 PM »
You have probably have to pay some points to get under 2, especially for a 30 year. My credit union had a 15 year for 2% even. I know nothing about VA loan refinancing, but if you have a lot of equity, you may be able to waive the appraisal even with a regular loan. When I did mine last year, I was able to waive the appraisal and negotiate some of the fees.