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IRRL Advice
Posted on 7/16/19 at 7:04 pm
Posted on 7/16/19 at 7:04 pm
I bought approx 1 year ago fixed at 4.25% ( annoying since rates were 2.5 two years ago)
I get 5-7 IRRL letters per week. They offer to adjust the rate down to 3.5-3.8 and give 25-30K cash, which would raise the payment about $40.
It is appealing in that I could easily pay off my car, freeing up $300 from my budget, and I could install the propane backup generator I want and increase my property value. Current " zestimate" is 20K higher than what I owe.
Are these things a sham? Should I wait until rates get closer to 3%?
score is 767.
TIA.
I get 5-7 IRRL letters per week. They offer to adjust the rate down to 3.5-3.8 and give 25-30K cash, which would raise the payment about $40.
It is appealing in that I could easily pay off my car, freeing up $300 from my budget, and I could install the propane backup generator I want and increase my property value. Current " zestimate" is 20K higher than what I owe.
Are these things a sham? Should I wait until rates get closer to 3%?
score is 767.
TIA.
Posted on 7/16/19 at 8:12 pm to Gusoline
An VA-IRRL (Interest Rate Reduction Loan)is not a cash-out option. Using an IRRL your note has to drop by at least $50 a month. It's more or less like a streamline refi.
You would have to do a VA cash-out refi to get cash back.
You would have to do a VA cash-out refi to get cash back.
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