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Anything Else Forum

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Refinancing Question

+4 HS
xbuceye's picture
April 2, 2020 at 8:42am

Like a lot of people I've been thinking about refinancing my mortgage since the rates are getting close to historic lows.
I reached out to my bank/mortgage company (SunTrust) almost 3 weeks ago to speak with someone about refinancing. They're so backed up that they call me periodically to tell me that they haven't forgotten me. Anyhow....yesterday I filled out the info on Lending Tree. Within 90 seconds I started getting phone calls/texts and emails. I knew it was coming, just figured it would take a little longer than 90 seconds! It actually hasn't been bad. Maybe 5 total contacted me and I spoke with 3 of them.

Onto my question. I have a VA loan. Owe about 250,000 on my house. Current rate is 3.850. 26 years left on the loan.
All 3 loan officers that I spoke with suggested a "Streamline" loan which is only available for VA loans and something I've never heard of prior to yesterday. It seems too good to be true. I can buy my rate down below the market rate to 2.750 and my total cost added to the loan will be $3770. That would save me over $250 a month with me making that 3770 back in about 15 months. My 26 years does not change. No appraisal, income verification or termite inspection necessary. Am I missing something? I fix jets for a living so I don't really know much about this stuff. Just trying to protect myself.

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