What's a better option? IRRRL or conventional refinance with no mortgage insurance?

Well, assuming you have a VA loan... In today's market, a VA streamline refinance is probably better in the long run, as the rate will be lower. There is still a .50 funding fee (unless you are more than 10% disabled), but even factoring in that, the lower rate on the VA (and possible no appraisal) make it the winning deal. www.VA-irrrl-loan-mn.com

Good advice Joe... Va does not have MI either, however there is the upfront charge if you're not disabled... a good loan officer will be able to type up both scenarios... this way you can compare side by side and make up your own mind... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Joe Metzler's answer if dead on. VA is running about 3.25%, whereas conventional is about 3.5%You can find more info on the VA portal of our site www.TheMandisTeam.com

It really depends on how much the amount of equity that you have in the property and your current credit scores. The VA streamline is a better option if your credit score is below 720 or you have less than 20 percent equity in the property, since you would not need an appraisal.

HI Mr. Morricone-Great question. If you are eligible for a VA loan, I always say to use it. There are so many benefits to having a VA loan, like loan assumability as well as government assistance should something ever happen to you (loss of job, etc).The funding fee is only .5% and 0 if you are considered 10% disabled (or more) by the VA.At Fidelity Bank Mortgage, we are offering borrowers a 3.25 30 yr fixed with a lender credit to cover closing costs, so you don't have to add on to your loan balance (provided that you have a 660 credit score and the loan is under 417,000). If the loan is over $417,000, we still have 3.25 available as long as your score is over 680 and we do require an appraisal.Here is a link to see more about me and my team.My direct email is church.team@lionbank.comhttp://youtu.be/CweR7zuhHN4Have a fantastic day!RegardsMac Church

HI Mr. Morricone-There was a famous spaghetti western movie score writer named Ennio MOrricone :-)Always go with a VA loan if you have the opportunity.It's assumable and a lower rate than conventional.We are at 3.25 with a lender credit big enough to cover your closing costs, on a 30 yr fixed.Learn more about me at the link below.http://youtu.be/CweR7zuhHN4Have a wonderful day!RegardsMac

If you qualify for a VA loan, we would always recommend going that route as you will be able to get a lower rate and will generally have less costs and fees. In addition the IRRRL uses the appraisal from when you first purchased your home. You can ask a local lender to compare the rates as well as the costs and fees for both programs.

Good thoughts by others, the other consideration is the size of your loan. Generally a VA IRRRL will be your best option but a good loan officer will look at both options when they are reviewing yoru qualifications. VA would not require an appraisal resulting in a bit less cost. Our VA rates are 3.25 regardless of score (assuming 620+) and usually I can pay some of your closing costs at that rate. I would love the opportunity to earn your business. pdumouchel@primelending.com or 843-619-6025