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VA IRRRL Streamline Refi quote

I was wondering if the quote I just got back from Wells Fargo was any good. We are currently 2 years into a 30yr VA at 5% with Wells Fargo and was just quoted a VA IRRRL Streamline Refinance of 30yr at 3.75% with $1120 in fees or a 15yr at 3.125% also with $1120.

What are your thoughts on these numbers?

Thank you all,

MT
  • August 30 2012 - US
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Answers (6)

Loan Amount is important. Is 1,120 the entire fees to include all 3rd party costs, or just the origination expense?    Does it include the .5% Funding Fee (or are you disabled veteran to allow that fee waived)?

Current property value is also relevant.    VA doesn't require an appraisal for IRRRL, however many lenders that offer the program do require an appraisal, or in some cases an automated valuation.

If you are severely upside down Wells could be your only choice (or other choices would be limited), whereas if you have equity to potentially withstand an appraisal there could be several lender options that would allow you to secure better terms.
  • August 30 2012
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Justin is correct.   You can find most lenders will offer a Wells to Wells IRRRL with out any lender fees and give you a lender credit to cover your title company fees and most of your pre-paids depending on your loan amount.   Wells Fargo also takes 60 to 90 days to close refinance loans right now. 

Erin.
  • August 30 2012
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Profile picture for air assault1999
Justin and Erin,

Thanks for your replies.

It appears that along with the original info i provided a little more is needed to help paint a better picture, so hopefully this will help;

* Current loan amount is $220k
* Property value from Zillow is $260K
* The $1120 fees quoted by Wells Fargo is all costs
* Zip code is 50023
* I don't have a disability rating

If you need anymore info please let me know.

MT
  • September 04 2012
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The only fee you should have to pay is the .5 funding fee.   This gets rolled into the loan.   All lender and title fees should be covered by Wells.   You should get a lender credit to cover some of your taxes and insurance depending on the amount of taxes that are currently due.   You will also get a refund from your current escrow account.

Erin
  • September 08 2012
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  • May 26 2013
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  • October 27 2013
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