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VA - IRRRL on newly purchased home

We just purchased a home under the VA program at a good interest rate; we've only made a few months worth of payments so the mortgage balance is still pretty close to what the appraisal on the house was.

Both of us have good credit, last time I checked it was in the 750 range.

I believe the rate was 2.7% on the loan but would need to verify that on the paperwork to be sure.

Is it worth looking into an IRRRL under these circumstances?
  • October 23 2013 - Nashville
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Answers (4)

On a VA IRRRL you do not need to pay any money out of pocket. Refinancing your mortgage loan through a VA IRRRL would be a great option for you if you are able to reduce your rate by 0.5% or more. [spam deleted by Zillow moderator]
  • October 27 2013
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Is your current 2.7% rate/ loan an ARM?  If yes, are you looking to see if you can get a fixed rate by doing an IRRRL?
  • October 24 2013
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Where did you get a 2.7% interest rate on a va loan??? I have a buyer looking to do a va loan now!
  • October 24 2013
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You would be paying Closing Costs again including a .500 Funding Fee (unless exempt). Since your rate is 2.7% it really doesn't make sense. Is that a 5/1 or 3/1 Arm or did you mean 3.7%? What is the loan balance and the principal & interest portion of your full payment?   
  • October 24 2013
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