One of the more popular questions people ask about the VA IRRRL program is “how long will it take to do a VA IRRRL?” and the truth is, it varies by lender and by situation.
VA IRRRL Turn Times by Lender
Depending on what lender you choose to work with for a VA IRRRL, it could take anywhere from 30 days to 180 days. As of this writing (January, 2013) it seems to be taking the fastest lenders about 3 weeks and the slowest lenders about 90 days on average. Occasionally you may see a lender who goes even longer than 90 days, but most seem to be getting it done in 90 days or less.
The truth is, as long as your rate is locked it doesn’t matter all that much if your IRRRL refinance gets done in 30 days or 60 days or 90 days — but if your rate isn’t locked, then it matters quite a bit. Most lenders who help you with an IRRRL will know how long their turn times are and will help you get your rate locked accordingly – and your loan officer will know about how long it will take to get done from the very beginning.
VA IRRRL Rate Locks
Common rate lock periods of time for VA IRRRLs are 15 days, 30 days, 45 days, 60 days or 90 days. There are other types of rate locks, but these are the most common – and each lender will have their own rate lock period that will match the amount of time they need to get your VA IRRRL done. In the event that you have a rate lock for 30 days and need more time – you can always extend your lock and many times your lender will pick up the rate lock extension fee for you because it was their fault that your loan wasn’t done on time.
The best way to know what a good turn time looks like is to speak with multiple lenders who can help you with your VA IRRRL refinance. Getting a quote for fees, interest rate and turn time from a loan officer will help you know which lender seems like the best deal for your particular situation.
Get multiple free quotes from IRRRL lenders before you agree to go with one lender, it is the best way to be sure you are getting the best possible deal on the VA IRRRL and where you can really start to see the savings add up. We have VA lenders standing by waiting to help you – submit your information today and get started saving money!