Let's Talk About VA Loan Refinancing 101 - The Pros and Cons of a VA IRRRL 🏠
Vložit
- čas přidán 20. 07. 2021
- #varefinance #refinance #VAIRRRL
Clearly, I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 46 states for purchase and refinances. Here is how to contact me:
1) Book a call with me: calendly.com/jennifer-beeston
2) Apply for a mortgage now at www.zerostressmortgage.com If you apply please text me your full name and email address letting me know so I can look for your app:) TEXT 707-478-0637
3) Call me 707-478-0637
TikTok @jenniferbeeston
Instagram - jenbeeston
Facebook - jenniferbeestonmortgage
Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 4863 Old Redwood HWY, Suite D, Santa Rosa, CA 95403
Equal Housing Lender - For licensing, go to www.nmlsconsumeraccess.org
Top 1% in the nation 2016-2020
More Helpful Content:
Home Loan Basics: www.youtube.com/watch?v=Qfbvd...
Loan Programs: www.youtube.com/watch?v=iSuov...
VA Loans: www.youtube.com/watch?v=qejJO...
Real Estate Breaking News: www.youtube.com/watch?v=FTFXc...
Mortgage Rates/Refinancing: www.youtube.com/watch?v=GUOnv...
www.zerostressmortgage.com
NMLS #247743 Guaranteed Rate NMLS 2611
www.guaranteedrate.com/discla...
www.guaranteedrate.com/licens...
Equal Housing Lender - www.nmlsconsumeraccess.org
State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8203
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
help buying a home,jennifer beeston,top mortgage originators,Guaranteed rate,mortgage lending,mortgage house buying,first time home buyer,real estate,low,va,rates,VA home loans,VA mortgage,Low VA Rates,pros of a VA streamline loan,cons of a VA streamline loan,VA IRRRL benefits,VA IRRRL,should I do a VA IRRRL,va irrrl program,va irrrl benefits,va irrrl rates,va irrrl refinance,current va irrrl rates
Yes, we did this for our first California home purchase in 2020. Our original rate was 2.875, after did a IRRL it went down to 2.30%.
Then 3 years later we moved from California to Georgia witha purchase interest rate od 7.58%.
7 montha later we now in the process of using a Va IRRL again, and we will go down to a 6.25%.
Such a wonderful benefit that no one talks about!
Thank you Alyssa for pointing me towards this video
Thanks for the info. I got it now. I will monitor my timelines and rates to see when I can refinance my VA laon
You know, if companies are charging for it, and doing mountains of paperwork, it sounds like we want Jennifer's team to handle it for us! Great video!
Thank you Robert!:)
Very informative. Thank you.
Glad it was helpful!
All military folks need to go to her or a trusted bank. Other lenders want to use you for profit…
She is right, they will say that you can get a VA IRRRL and get for example $4400 cash back. What theyre not telling you is that youre just getting your escrow balance back and theyre gonna roll that amount back into the loan with the new escrow amount.
100%
I struggled through that last year. I did a VA IRRRL, started Feb 2020, didn't close until May/June 2020.
That is long for this year. I have an idea of who the lender is and they are still catching up from last year.
This is where I'm coming to do my cashout or irrrl
We look forward to working with you:)
Which would you recommend? I didn't forget about your services!
Thanks! My guy wanted to charge me 10k closing cost on irrl up here in washington
In lender fees ???😳😳🤮
@@JenniferBeeston any recommendations on SBA loans for active duty military?
@@JenniferBeeston Help! Are you Licensed in Texas? This State is so Corrupt. We trust you! Our loan has been sold to different banks 4 times in 3 years? We have caught them frauding and embezzling our money! We are 100% Combat Disabled Household. They Disrespect The less than 1% that actually fought in War under The Disquise for Democracy? Can you do this or recommend a reliable lender? Thank you for your skillful knowledge in The Truth. You are a breathe of fresh air🍀
Hello Jennifer,
Love your videos! Learned so much from them. Do you work by any chance work in Texas? I am completely new to using the VA for a loan and I have so many questions I would love to ask you. Too many to post here. If possible I know my wife and I would love to pick your brain on how to go about it
Nice to meet you. Yes to Texas:) pick a good time here calendly.com/jennifer-beeston/va-loan
I'm ready to do the irrl how do we get in touch with you
I might have to give you a call. We have a VA loan in Orange County CA, in the amount of $551,000 with a rate of 4.5. We are looking to do a VA IRRRL. We’ve received a couple of estimates, the lowest rate being 2.87, but it comes with so many junk fees. Closing costs are $5,800, of that amount $2,300 are lender fees.
Yes 100% call me in the am 707-478-0637
For those of you curious to see if I gave her a call…..yes, yes I did!! She helped us so much!! I’m so glad we gave her a call. Her team is the best! All of my questions were answered and I received updates throughout the entire process, and the entire process only took about a month. I’m writing this now, because thanks to refinancing we were able to buy nice Christmas presents for our family.
@@stacymartinez3354what did the fees end up being
Is it worth it to do this refinance if I plan on selling in about a year or so? Some other videos say yes, while others are a bit on the fence. Your advice or opinion is greatly appreciated. I've learned a lot from your videos so thank you.
Depends on the situation but it generally does not make sense when you do the math. I would make whoever was selling it to me do the math on how it makes sense and show me. I refinanced a house a year ago and am now selling and I kick myself like 19 times a day over the money I have lit on fire. In my case I did not think I would be selling so if you know you gotta make sure the math works
@Jennifer Beeston could that lever be sovereign lending?
Hey Jennifer, a few months after starting the disability claim process, I bought a home and used a VA loan to purchase my home, so I had to pay a funding fee since I'm not yet rated. If after the 210 day period has passed and I refi into a VA IRRRL and pay another 0.5% funding fee, will I be able get a refund of the initial funding fee and the subsequent funding fee once I get rated by the VA?
Check this out;) www.va.gov/housing-assistance/home-loans/funding-fee-and-closing-costs/
If I was to go under forbearance and then request an extension based on the VA’s Disaster Extension option, will this put a second lien on my home? I can’t find any info on how a forbearance will affect future access to a home equity loan
You need to talk to your servicer as they will be the only ones who can answer that question. It is important to note that all payments that are not paid do add up and will eat away at your equity so only go into if you have to.
I had all the paper work to refinance my mother's loan as power of attorney. I tried to downsize the cost of living for the both of us She died as the bank sat on the loan during the covid. I was forced to crash my credit to pay my mortgage don't allow lawyers to sit on paper work. Be polite but insist on being kept in the loop. I had my paper work done in record time. Now the slap in the face is I have to take credit counseling even though it was the lenders fault. If it were up to lawyers I'd be living under a rock . Payments like taxes, house insurance, inherit tax and mortgage could have been bundled. But no now I pay each one separate. Little money left at the end of the month. At age 72 this has been a bit of a pill to swallow. Pay attention and live below your means.
You can cash out with VA
Hello Jennifer 👋
I'm in talks now with the Mr Cooper Mortgage Company after they bought out USAA's mortgages. They're offering a refinance option for cc debt consolidation, and would save me about $450/m. But my interest would go from 3.25 to 6.75, my mortgage would jump from 95,000 to about 150,000. Currently my mortgage payments are $627/m but would be $1180/m with the IRRL refinance. In my case, is this a good deal or not worth it enough? especially during this economy
Don’t refinance. There are other ways to consolidate debt
I did a VA IRRL in March at 2.25%
That is an awesome rate!
Came across your video as I was seeking more information on IRRL after an email from newrez. I'm in albuquerque, NM. Maybe you can help me.
Yes give me a call 707-478-0637. My guess is that a refinance does not make sense for you right now but 100% call me and I will give you the real deal
I will be contacting you in 210 days lol
Do it bro, I used her and her team and it was the best transaction process (have bought houses and refinanced houses before). Fast, smooth, and great communication. Hands down the place I’m going to from now on.
I would like some quidance on if it's a good idea to refinance my home. I've been in home for 7 years. I am the first owner btw. Thank you.
Happy to discuss 707-478-0637
Do you work in all California? I’m in Victorville ca. And want te refinance but need help on choosing what’s right for me. Thank you!
Yes I do and would be happy to weigh out options with you. You can pick a good time to chat here calendly.com/jennifer-beeston/refinance-consult-with-jen-beeston
This is a very interesting topic. So I recently made my 6th/7th payment after a forbearance, and I applied for a cashout refinance to consolidate debt. Could one of the reason I was denied the loan be because I did not wait until 210 days?
Depends on the terms of the forbearance also there is a 12 month rule that can come into play.
@@JenniferBeeston Hi Jennifer. I really enjoy your videos by the way. Super informative and love the transparency. And thank you so much for replying to my question…. I don’t understand what you mean by the terms of the forbearance? I had a 1 year forbearance. And I started making payments again already. Just made my 7th payment (VA backed mortgage), and recently applied for cashout refi to consolidate debt, but was denied. From my understanding, it depends on the lender if they require 6 months of on time payments or more or less… So I’m wondering if I didn’t wait til after 210 days to apply? I counted, 210 days would be after May 29th lol. I understand it could be anything. My loan originator was pretty confident that he could get the loan approved then at the end it was denied. (cries)
Would I be able to lower my mortgage payment through IRRL refinance, my initial rate is already 2.5%?
You have an amazing rate.
Are there income requirements? Can you remove a co-borrower using the IRRRL?
Yes but it would be a credit qualifying irrl meaning we would have to verify you qualify on your own
Can you use a va irrrl and keep the same interest rate but put more money to the principal to lower your monthly payments?
You cannot use a irrl to do that. You can always make larger principal payments throughout the loan term but it will just reduce how many years you pay versus lowering the monthly payment. To lower the monthly payment from a big principal paydown would be a recast and I don’t know of any lenders that do that.
Hi, my husband is a Veteran. We currently have conventional loan for our rental property. Can we refinance with a VA loan for our rental property?
The only time you can do a va refinance on a rental is if it is already a VA loan. At that point we can do an IRRL but not conventional to VA unfortunately.
How many times can you do a VA IRRRL? Is it possible to switch to a conventional loan?
No limit to VA Irrls but they have to make financial sense. Yes you can go from va to conventional.
Do I have to be living in that property to be able to us the VA IRRRL ?
No:)
i got a letter from my lender for IRRL for 2.25 but have many letters for less. what can i get right now?
That is going to have a ton of fees. Call me to discuss 707-478-0637
Does an IRRRL reset loans to original amount or outstanding amount ?
It would be the current amount owed + closing costs unless you pay for closing costs out of pocket
Are irrls used on paid off homes?
You cannot put any any form of a VA loan on a paid off house
can I do VAIRRRL with a different finance institution?
Yes you can use any lender. Great question
@@JenniferBeeston awesome 😊 Thank you
I need help with a VA IRRL
Give me a call tomorrow and I will talk you out of refinancing. Now is not the time. Everyone marketing to you that now is the time to Refinance is just money hungry. Rates have not dropped enough for it to make sense for 99% of the population. My number is 707-478-0637 I am happy to talk about when you should refinance based on your personal scenario so feel free to give me a buzz
will do @@JenniferBeeston
@@JenniferBeeston Thank you for writing this. I have been flooded with VA IRRL mail about redoing my rates which from what I see, have NOT dropped significantly nor would really benefit me. Honestly the $250 dollar drop in payment every month would be nice (500 is better and worth the paperwork lol) still the rates will drop more towards the end of the year or with a new President right? Also could I give you a buzz like the other poster?
Always feel free to call or text me and I will give you the deal on rates. Yes, wait as not a significant drop yet. My cell is 707-478-0637