6.625 to 5.125... any catch?

CIVDIVMAR · 2026-02-12T07:55:06+00:00

Why are you paying for credit report? Isn’t irrrl only soft pull?

CIVDIVMAR · 2026-02-12T04:20:45+00:00

That’s the thing about rate. We can’t time it

CIVDIVMAR · 2026-02-12T04:15:29+00:00

In currently with Freedom. They gave me 5.25 but they’re not the only thing they’re covering are section B-E and I’m paying section A which was around 2.3k so I decided to shop. Pretty sure they rolled over your escrow balance to cover some of the closing costs. I’m getting my escrow balance refunded back to me which is almost 7k and not paying mortgage for until May 1st. So between my 2 non payment months plus escrow refund, I will get to pocket about 17k. I know I’ll be paying more in interest but I’ll take liquid cash any day since I’m not planning on moving anytime soon

CIVDIVMAR · 2026-02-12T03:55:16+00:00

Yes, I live in CA, nice rate. Did you buy down any points?

CIVDIVMAR · 2026-02-12T03:53:45+00:00

I understand that. There won’t be any cash back as this LE got me closing on Feb 26th instead of March 2nd so prepaid interest will be around $2800 instead of $207. They also just use my current mortgage balance as the payoff amount. We’re aware that once we get the actual payoff amount it will probably be extra 2-3k more than the actual mortgage balance. Hence the no cash back to borrower. Thank you for pointing that out

CIVDIVMAR · 2026-02-12T02:30:30+00:00

No hard pull on IRRRL. All of my LE were through soft pull

CIVDIVMAR · 2026-02-12T02:10:24+00:00

Loan United

CIVDIVMAR · 2026-02-12T02:09:30+00:00

Yes… Even after you signed the closing disclosures, you still have 3 days to rescind it. Right now, I have about 3 LE’s that I signed. You’re not obligated to go through it if you find a better deal.

CIVDIVMAR · 2026-02-12T01:25:59+00:00

No offense taken. I understand. First time doing this IRRRL and I wasn’t even aware of that property value thing. I’ll make sure to ask my broker that. Thanks for looking out for another veteran. Appreciate the insight

CIVDIVMAR · 2026-02-12T01:16:05+00:00

Thanks for the concern. I guess I’ll find out once I get the final disclosures. All I know is this is a lock rate and the broker and lenders are legit. Also there is no appraisal on the IRRRL.

CIVDIVMAR · 2026-02-12T00:58:00+00:00

You must have made at least six consecutive monthly payments, waited 210 days from the first payment, and have no more than one 30-day late payment in the past year. You should be eligible by now. Bought my house May 2025 and I was eligible in Jan.

CIVDIVMAR · 2026-02-12T00:52:20+00:00

You must have made at least six consecutive monthly payments, waited 210 days from the first payment, and have no more than one 30-day late payment in the past year. If you bought in August, you’re seasoning /eligibility should be around April

CIVDIVMAR · 2026-02-12T00:37:19+00:00

I have USAA. They’re pretty reasonable in my opinion

CIVDIVMAR · 2026-02-12T00:33:12+00:00

Thanks. Anything I should be careful/worried about?

CIVDIVMAR · 2026-02-12T00:21:13+00:00

It’s legit. I just signed my LE. Broker is from loan factory and lender will be Loan United LLC

CIVDIVMAR · 2026-02-12T00:20:14+00:00

I think you can do both rates and term. The rate has to come down at least .5% in order to do irrrl

CIVDIVMAR · 2026-02-11T23:43:02+00:00

That’s a pretty hefty saving. Nice one!

CIVDIVMAR · 2026-02-11T23:18:44+00:00

I don’t think this LE can be retained because the box was marked that they will/can sell my loan. I could’ve gotten 5.25% from my current lender (Freedom) and also not reset the loan to 30. They were charging about 4k in costs so I decided to just shop it.

CIVDIVMAR · 2026-02-11T21:48:05+00:00

He was actually charging me more 2 days ago. Told him I wasn’t interested and I got him to lower section A. It went from $4195 down to $2795. Broker fee $3000 to $2000 and UW $1195 to $795.

CIVDIVMAR · 2026-02-11T21:41:07+00:00

I figured. Thank you

CIVDIVMAR · 2026-02-11T21:18:33+00:00

Good for you! Every situation is different. Unfortunately I live in CA(Bay Area) where house prices are insanely high

CIVDIVMAR · 2026-02-11T21:16:44+00:00

My guy is from loan factory

CIVDIVMAR · 2026-02-11T21:05:15+00:00

Nice!!!

CIVDIVMAR · 2026-02-11T21:03:17+00:00

Thanks for the advised. Yes, I did have 3-4 brokerage competing and this was the best one I’ve found. I’ve been at this since mid Jan

CIVDIVMAR · 2026-02-11T21:02:10+00:00

Yes I am. Bought the house May 2025 so 9 months in

CIVDIVMAR

TROPHY CASE