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Mortgage Refi Question

Xring01

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OK, I know there are some experts on here..
I currently have a loan with Lakeview 30 year, fixed rate 3.375%.....

They have been bugging me awhile to refi... From what I am reading and being told, no income verification, no housing appraisal, no nothing on my end.... basically upload 3 Documents... Drives L, SS Card and Home Ins Declaration Page... and sign the docs....

I have the contract in front of me now... They are locking me in at 2.375% 30 year fixed...
From what I am being told total cost to do this is $2000, which is added to the balance. The escrow account $$$ plus/minus impacts the overall numbers but ### all look good.
Because its a VA loan, most of the fees are waived....

What am I missing?
 

LuauLounge

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Most likely nothing, Wells Fargo did the same in the mid 90's for me. Got a letter in the mail that said sign here and we'll reduce the interest rate, mine was at no cost.
 

CobraDave

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Even with the fees you are stupid not to do it. Is there a VA funding fee? My refi I changed to a
Conventional because the VA fee was like 12k


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Lavey5150

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That's a great loan VA rates cant be beat. The VA requires that your loan fees can not exceed your P/I payment savings X36 months. 210 days later do it again when the rates hit 1.75%😂
 

OldSchoolBoats

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OK, I know there are some experts on here..
I currently have a loan with Lakeview 30 year, fixed rate 3.375%.....

They have been bugging me awhile to refi... From what I am reading and being told, no income verification, no housing appraisal, no nothing on my end.... basically upload 3 Documents... Drives L, SS Card and Home Ins Declaration Page... and sign the docs....

I have the contract in front of me now... They are locking me in at 2.375% 30 year fixed...
From what I am being told total cost to do this is $2000, which is added to the balance. The escrow account $$$ plus/minus impacts the overall numbers but ### all look good.
Because its a VA loan, most of the fees are waived....

What am I missing?
This is a VA IRRRL. Same process and documents required by every lender. I would save the headache dealing with Lakeview and go with someone local as we have the same pricing or better.

Today I could do a VA IRRRL @ 2.375% with a $2800 lender credit which covers all your third party fee's so "all fee's are waived".

If you are not at least 10% disabled by the VA, you will still have a funding fee and with an IRRRL it is .5% of your loan amount (financed into the loan).
 

Xring01

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This is a VA IRRRL. Same process and documents required by every lender. I would save the headache dealing with Lakeview and go with someone local as we have the same pricing or better.

Today I could do a VA IRRRL @ 2.375% with a $2800 lender credit which covers all your third party fee's so "all fee's are waived".

If you are not at least 10% disabled by the VA, you will still have a funding fee and with an IRRRL it is .5% of your loan amount (financed into the loan).
I am more than 10%...
 

OldSchoolBoats

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I am more than 10%...
So funding fee is waived then, so you don't have to worry about that. All you would have to do is roll in the new reserves for your escrow account, or bring those to close and receive a refund from your current escrow account in 3-4 weeks after the loan is paid. I would just request a net escrow payoff and build the escrow account into the new loan.
 

Tamalewagon

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That is the documentation needed. You will still need to do a new escrow reserve and 3rd party title/escrow fee's which they may not be divulging.

The pricing we currently offer is at 2.25% at zero points for the VA IRRRL. 99.99% of the time, we offer better pricing than any bank or credit union.
 

Mrs. Riley1

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Is anybody licensed in Nevada? We currently have a VA loan that I would be interested in refinancing.
 

Christopher Lucero

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I know it may be hard to believe that your lender might be interested in a refi, but refreshing their portfolio does alot for their risk management and it allows them to resell the loan in a CDO - perhaps again, if they sold it on once before.
you are a performing account, so it's win-win-win
 

Wendi

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Sorry guys I was late to the game. I don't log on that often, please feel free to reach out anytime 909-455-6271. Licensed in AZ, CA, NV and OR.
 
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