Any Reason Not to Refinance?
Hi all, a few weeks ago I got a letter in the mail saying I was eligible for the VA IRRL loan, which is essentially a streamlined refinance with no appraisal, for as low as 3.7%. I thought that was incredible seeing as I closed on a 3 flat in December 2018 for 4.75%. Once I called up Loan United they started offering even lower rates, but that's when I learned about points.
Long story short after shopping around and sending the loan estimate a few times I landed on 2.875% for nearly 0.7 points. I thought this was too good to be true until Loan Depot gave me the loan estimate. So in my inexperienced opinion I thought this is amazing. I'm able to save nearly $500 a month and will be able to live PITI free. House-hack mission accomplished...
Except am i missing the full picture? Any other angles I should be looking at? Please share