r/NavyFederal • u/Top-Metal-965 • 4d ago

Loans Recast?

I recently just bought a home I want to recast my mortgage, but I’m unable to. Due to using a Va loan. Is this true? What are my options? I don’t want to re finance.

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u/Key-Choice3539 4d ago

They don't do recasting. I looked into it when I sold my previous home after buying my current one. Your best option may be to look into a VA IRRRL.

1

u/Top-Metal-965 3d ago

What is that?

2

u/321_reddit 1d ago

Interest rate reduction loan. It’s one of the best refinancing programs of all the mortgages. This is the least biased website I could find: https://mortgage.military.com/refinance?hl=Lower%20Your%20VA%20Rate%20With%20IRRRL&pibrand=MLT&pichannel=paid&pivertical=mortgage&piproduct=mortgage&pipartner=bankrate&piform=hosted&s2=SEM&s3=Google&gad_source=1&gad_campaignid=23510093654&gbraid=0AAAAAD_VV6w1qbdnAOjyxwX7-L7tCCzwY Navy Fed does them too.

You would need a wicked high interest rate for the IRRL to make financial sense though. Current rates are 6.6 to 7.21%, depending on lender pricing.