Irrl

[FED_UP]

Has any military used the IRRL for refinancing and how was it, and what lending company did you use.

 

[Nickel]

My husband and I refinanced using a VA IRRL in November 2010 and we were able to knock 2.25% off our interest rate (our mortgage was reduced by ~$300). We were happy with our original lender (Suntrust) so we went with them. It was very straightforward.

 

[FED_UP]

My husband and I refinanced using a VA IRRL in November 2010 and we were able to knock 2.25% off our interest rate (our mortgage was reduced by ~$300). We were happy with our original lender (Suntrust) so we went with them. It was very straightforward.

Fixed rate and were any huge fees envolved? If you can remember.

 

[Nickel]

Fixed rate and were any huge fees envolved? If you can remember.

Yes, we have a fixed rate. You'll be charged a VA funding fee just like with your original mortgage but we didn't encounter any exorbitant fees. Our actual closing costs ended up being about 50% less than our Good Faith Estimate, which was a happy surprise. Our mortgage gal and attorney were great (we used them both when we initially purchased the house) so it was a quick and painless process.

 

[FED_UP]

Yes, we have a fixed rate. You'll be charged a VA funding fee just like with your original mortgage but we didn't encounter any exorbitant fees. Our actual closing costs ended up being about 50% less than our Good Faith Estimate, which was a happy surprise. Our mortgage gal and attorney were great (we used them both when we initially purchased the house) so it was a quick and painless process.

Thanks for the info.