%!&#*379st Official Hard At Work Thread!%&#!*%
10-05-2016, 07:27 AM
#601
I wish... No. What they did was offer us a new 30 fixed rate mortgage for the exact amount of principle, plus closing costs, of our current mortgage at a new, more competitive interest rate.
It is called an IRRRL (Interest Rate Reduction Refinancing Loan). It is a program for Veterans Administration (VA) loans. What makes it unique is that they can do the loan without an appraisal. That is key because our house appraises for about $70,000 less than we owe. With that sort of loan-to-value, a traditional lender won't touch it. Especially without the IRRRL program. This is really our only option (besides coughing up $70k by selling organs or whatever) to refinance the house.
It is called an IRRRL (Interest Rate Reduction Refinancing Loan). It is a program for Veterans Administration (VA) loans. What makes it unique is that they can do the loan without an appraisal. That is key because our house appraises for about $70,000 less than we owe. With that sort of loan-to-value, a traditional lender won't touch it. Especially without the IRRRL program. This is really our only option (besides coughing up $70k by selling organs or whatever) to refinance the house.
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WhrDLMI (11-07-2016)
10-05-2016, 07:42 AM
#602
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WhrDLMI (11-07-2016)
10-05-2016, 07:42 AM
#603
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[/quote]
Kinda got lucky, I guess. Found a lender who was willing to work with us. MY NEW BEST FRIEND!
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tacocat (11-08-2016)
10-05-2016, 07:43 AM
#604
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tacocat (11-08-2016)
10-05-2016, 07:45 AM
#605
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Originally Posted by WhrDLMI' timestamp='1475678526' post='24077264
I wish... No. What they did was offer us a new 30 fixed rate mortgage for the exact amount of principle, plus closing costs, of our current mortgage at a new, more competitive interest rate.
It is called an IRRRL (Interest Rate Reduction Refinancing Loan). It is a program for Veterans Administration (VA) loans. What makes it unique is that they can do the loan without an appraisal. That is key because our house appraises for about $70,000 less than we owe. With that sort of loan-to-value, a traditional lender won't touch it. Especially without the IRRRL program. This is really our only option (besides coughing up $70k by selling organs or whatever) to refinance the house.
It is called an IRRRL (Interest Rate Reduction Refinancing Loan). It is a program for Veterans Administration (VA) loans. What makes it unique is that they can do the loan without an appraisal. That is key because our house appraises for about $70,000 less than we owe. With that sort of loan-to-value, a traditional lender won't touch it. Especially without the IRRRL program. This is really our only option (besides coughing up $70k by selling organs or whatever) to refinance the house.
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tacocat (11-08-2016)
10-05-2016, 08:13 AM
#606
10-05-2016, 08:14 AM
#607
Very cool. I used to think a lender must be a lender, but that's not the case at all. There so many different types of loans out there, and they all have so many different qualifications and reqs that a good lender will be aware of the best one that fits your criteria. The last lender I used was very sharp. I find the guys who work at the big banks tend to not be very aware of all the different loan types and programs.
10-05-2016, 08:40 AM
#609
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Thread Starter
Originally Posted by WhrDLMI' timestamp='1475682153' post='24077326
Kinda got lucky, I guess. Found a lender who was willing to work with us. MY NEW BEST FRIEND!
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tacocat (11-08-2016)
10-05-2016, 08:47 AM
#610
Yep, definitely pays to shop around. I think some big banks simply don't have access or rather are simply not allowed to/don't underwrite many types of loans. I found that the small/mid sized banks tend to be better these days for competitive rates. The mortgage lenders also tend to be more savvy. The lender I used works for MVB mortgage.
