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Message
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.
1
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.
Posted on 7/16/19 at 8:54 pm to tigers1988
Im guessing that's what this is, trying to get me to cash out my homes value which is 20-30K above what I owe for it. so basically they'd give me the cash and add it to the note so id have zero equity?
This post was edited on 7/16/19 at 8:55 pm
Posted on 7/16/19 at 9:12 pm to Gusoline
Yes, that's correct.
Posted on 7/16/19 at 9:19 pm to Gusoline
Doing this in 2006 is how I got stuck owning a home I couldn’t sell for what I owed in 2008. Not that I think the housing market will tank like that again, but have no equity is not good.
Posted on 7/17/19 at 7:54 am to Dawgfanman
I agree. I dont know why I didn't put it together. They usually sell it in the letter as " take an extra $24876 for only $100/month" and I was thinking it would be separate for some reason.
The market rose about 4-5% after hurricane florence and its still unclear if thing are going to hold at new values or go back down.
Getting that car payment out of the budget is pretty dang tempting but i only have about 30 more months of payments so I may just put a little more emphasis on saving and try to pay it off in 12-18.
The market rose about 4-5% after hurricane florence and its still unclear if thing are going to hold at new values or go back down.
Getting that car payment out of the budget is pretty dang tempting but i only have about 30 more months of payments so I may just put a little more emphasis on saving and try to pay it off in 12-18.
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