Hey Phizz8694 you are correct! With an interest rate below 3% it will not make sense to Refi. If you need to take money out of your house and keep your current rate I would recommend a Home Equity Loan from Navy Federal.
Hey Jeff thanks for your question. Unfortunately at the time of your question interest rates for VA home loans are still around 6.5% on average. It almost all cases it will not make sense to consider any type of refinance until interest rates came down below 6% with your current rate. Hopefully, interest rates will come down soon, but it could be 2025 until we see rates come down below 6%. Hopefully, it will be much sooner than that but we will have to wait and see.
Hello irefuzeexx2982. You could do that. For me, I would prefer to keep my extra cash in Index Funds or an emergency fund. With any luck the FED might lower interest rates by .25% in November.
Great question David! While I can't give financial advice, I can tell you that as of today 8/2/2024 the best VA IRRL rates are at around 5.17%. Most experts are expecting further rates cuts over the next several months.
I got a 4.85% , declined the VA IRRL, it would've added another 7k-7500 to the back of my loan. I plan to sell my home anyways in about 2yrs... and if I wanted to use a heloc or cash out refi, thats more debt..
Thanks for the comment. Yes you correct you can do a VA IRRRL on a home that is no longer your primary residence, but in order to use any VA home loan the buyer has to intend to occupy the home after the purchase.
So helpful video but not views why ❤❤🥰🥰❤️❤️
Thank you I'm a newer channel and there is a lot of competition out there.
@@HomeportResidential your email check Please
I can help you
To show the truth
@@HomeportResidential
Would this work if you have an interest rate below 3. Wouldnt make sense to refi correct?
Hey Phizz8694 you are correct! With an interest rate below 3% it will not make sense to Refi. If you need to take money out of your house and keep your current rate I would recommend a Home Equity Loan from Navy Federal.
So if i have a 6.5 interest rate how what is the potential interest thatci could have after doing a irrrl? Thats the part im not understanding
Hey Jeff thanks for your question. Unfortunately at the time of your question interest rates for VA home loans are still around 6.5% on average. It almost all cases it will not make sense to consider any type of refinance until interest rates came down below 6% with your current rate. Hopefully, interest rates will come down soon, but it could be 2025 until we see rates come down below 6%. Hopefully, it will be much sooner than that but we will have to wait and see.
I have 6.750 interest rate, could I use the IRRRL just put more money down?
Hello irefuzeexx2982. You could do that. For me, I would prefer to keep my extra cash in Index Funds or an emergency fund. With any luck the FED might lower interest rates by .25% in November.
I have a 6.25% should i think about doing an irrrl as of today
Great question David! While I can't give financial advice, I can tell you that as of today 8/2/2024 the best VA IRRL rates are at around 5.17%. Most experts are expecting further rates cuts over the next several months.
I got a 4.85% , declined the VA IRRL, it would've added another 7k-7500 to the back of my loan. I plan to sell my home anyways in about 2yrs... and if I wanted to use a heloc or cash out refi, thats more debt..
Nice work 👍
You don't need the home to be your primary residence to do an IRRRL. I was allowed to do one bc it was once my primary residence.
Thanks for the comment. Yes you correct you can do a VA IRRRL on a home that is no longer your primary residence, but in order to use any VA home loan the buyer has to intend to occupy the home after the purchase.