VA IRRRL Streamlined ReFi - Simple and Quick

[pianoman9701]

If you have a VA loan and you haven't refinanced in 2 years, there's a good chance I can lower your payment or your term, or both. The VA IRRRL - Interest Rate Reduction Refinance Loan - Doesn't require income or liabilities, just proof of two years continuous employment, W-2 or self employment. 640 Minimum credit score - the higher, the better rate. I'm doing one now at a very low rate and knocking 5 years off the term. The payment is lower than the original loan.

If you're a service-disabled vet of any %, there is no .50% funding fee (there are never funding fees on any VA loan for service-disabled vets). This needs to be your primary residence. Once the loan is submitted, it should fund in 21-30 days.

For any VA loan, there is never PMI - private mortgage insurance. If you're currently in an FHA or USDA loan with PMI, you should consider refinancing with VA. If you qualify, it wouldn't be the IRRRL streamline (more like a regular refi), but it would knock off the PMI and could possibly lower your rate, as well.

[Widgeondeke]

Does this type of refi affect credit score? Do you take a hit similar to applying for other credit?   
I seem to get a call from someone and several mailings weekly.

[10thmountainarcher]

Does this type of refi affect credit score? Do you take a hit similar to applying for other credit?   
I seem to get a call from someone and several mailings weekly.

Yea your credit is run. I obviously haven’t worked with Pianoman, but did an IRRL this summer. It required very little effort on my end, if you’re even slightly considering it I would talk with Pianoman to see how much it could save you. For us it was so worth it, and will save so much on interest.

[pianoman9701]

Does this type of refi affect credit score? Do you take a hit similar to applying for other credit?   
I seem to get a call from someone and several mailings weekly.

Yea your credit is run. I obviously haven’t worked with Pianoman, but did an IRRL this summer. It required very little effort on my end, if you’re even slightly considering it I would talk with Pianoman to see how much it could save you. For us it was so worth it, and will save so much on interest.

Thanks 10th! If people are running your credit without you having applied for credit or increases in credit, they're quite possibly breaking the law. Applying for a loan will require credit being pulled. If you're thinking about it, you can run your own credit (without score) for free, once a year with each of the three credit bureaus. It will show you who's been pulling your credit. TransUnion, Experian, and Equifax are all available for free at www.freecreditreport.com. If you want the score, it costs extra. Running your own credit report does not affect your score. It may show you items that are that you can clean up and check again in 30 days to make sure they have taken the item out. For example, run an Experian credit today. Find out the negative items that would keep your score lower and contact the creditor to arrange payment and have the item removed within 30 days. Then, recheck your credit after 30 days with Transunion or Equifax to verify the items have been removed.

I check my credit without score every 6 months to make sure nothing is going on. Each time, I use a different bureau. With all the fraud going on, it's a smart idea, regardless of whether you need a loan. But trust me, you need a loan!!! Kidding, just kidding.

[Miles]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

[pianoman9701]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

Personally, I would check my credit first. Then freezing is OK unless you're planning to borrow. 

[Stein]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

I froze my credit, sent in the letter saying to never unfreeze it and somehow that lasted about 3 months.  I have since frozen it enough times to have finally given up.

I would be careful how many times you have it pulled, most good lenders can plug in rates if you give them your approximate score and get you real close so you can decide which one and only pull once.  For most people a few points here or there aren't going to change the rates much.  When they are at 2% there isn't much swing.

[Miles]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

Personally, I would check my credit first. Then freezing is OK unless you're planning to borrow. 

It’s extremely easy to unfreeze if you’re applying for something.   My wife and I have had ours frozen for several years.  Have purchased two homes during that time and never had any issues.  Our loan company just asks us to unfreeze, then they do their thing, then it freezes again.   Much easier to prevent issues.

[pianoman9701]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

Personally, I would check my credit first. Then freezing is OK unless you're planning to borrow. 

It’s extremely easy to unfreeze if you’re applying for something.   My wife and I have had ours frozen for several years.  Have purchased two homes during that time and never had any issues.  Our loan company just asks us to unfreeze, then they do their thing, then it freezes again.   Much easier to prevent issues.

Excellent perspective and it is easy. But check it first.

[Miles]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

Personally, I would check my credit first. Then freezing is OK unless you're planning to borrow. 

It’s extremely easy to unfreeze if you’re applying for something.   My wife and I have had ours frozen for several years.  Have purchased two homes during that time and never had any issues.  Our loan company just asks us to unfreeze, then they do their thing, then it freezes again.   Much easier to prevent issues.

Excellent perspective and it is easy. But check it first.

Agreed.  Not much sense in freezing if you’re already a victim of credit fraud.

[Stein]

Instead of checking your credit all the time, just freeze it with all 3.   Then nothing can “go on” with your credit.  You will know the minute a place tries to pull your credit.  You can unfreeze for a specific instance or length of time.    Think of it as prevention, instead of monitoring.

Personally, I would check my credit first. Then freezing is OK unless you're planning to borrow. 

It’s extremely easy to unfreeze if you’re applying for something.   My wife and I have had ours frozen for several years.  Have purchased two homes during that time and never had any issues.  Our loan company just asks us to unfreeze, then they do their thing, then it freezes again.   Much easier to prevent issues.

Excellent perspective and it is easy. But check it first.

Agreed.  Not much sense in freezing if you’re already a victim of credit fraud.

It can always get worse.  My wife went through a round of it several years ago that included someone finally filing a tax return in her name and ssn.  So much selling of private information, you can get fraud in waves as they keep reselling your info.  Your credit card number may change, but not your ssn.

[Miles]

I should’ve said “until you get it straightened out”.

[mindfusion]

how close of an estimate can you give with very close credit score, current loan details and address without running credit.

[JKEEN33]

how close of an estimate can you give with very close credit score, current loan details and address without running credit.

Checking your score should not drop it much. I just finished a refinance 2 weeks ago and mine dropped 2 points.

They also did not run the score until initial numbers were proposed and I agreed to move forward,

[pianoman9701]

how close of an estimate can you give with very close credit score, current loan details and address without running credit.

If this is for an IRRRL, the only other details I'd need would be whether you're receiving service-related disability comp and what you're trying to achieve - term reduction, rate reduction, or both. Again, the IRRRL is a rate and term only from a VA loan only. I could give you an accurate estimate of what that day's rates are assuming that your information to me is accurate. But there are no guarantees until credit is run, you supply me with the docs I need, and we apply and lock the rate.

Keep in mind that you have to have been working for the last two years at the same employment, either employer or career-related. Send me a PM. No pressure. And I'll call and get to work for you.