VA Streamline (IRRRL) for Rental Property

[Robert Young]

I have rental property, and I'm thinking about refinancing using the VA Streamline IRRRL. I want to make sure that it makes sense before I make my final decision. After the loan is complete, I should save about $155 a month for a fee of about $5k that I will recoup in about three years. The details are below:

Original loan amount - $237k including VA funding fee, 26 years left on the current loan

The new balance after refinance - $220K

Current balance - $215k

Original Rate - 30 years fixed 3.375%

New Rate - 2.75%

Amount saved a month - $155

I also made it clear that I would like to only close during the first two weeks of the month to try and skip two payments to help save some cash to put away for future real estate investing. Please send your thoughts.