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VA IRRRL - Streamline Refinance
Have you taken advantage of the lower interest rates?
IF YOUR PRESENT FIXED RATE HOME MORTGAGE IS 1% HIGHER THAN CURRENT RATES OR
MORE OR YOU HAVE AN ADJUSTABLE RATE MORTGAGE, YOU CAN SAVE $$$!
You must act quickly so you can lock in a new fixed rate while rates are low. There are no up front out of pocket fees. There are no fees for application, credit check or appraisal.
VA has an Interest Rate Reduction Refinancing Loan (IRRRL) program which allows a veteran with an outstanding VA loan to obtain a new loan at a lower interest rate by using the same entitlement he or she previously used to obtain the home. If you still own the house you bought with your VA benefits, and the VA loan has not been paid off, you will want to give careful consideration to the following:
Benefits of the VA streamline payment reduction program:
- Lower your mortgage payment, saving money every month, or
- Convert your ARM, that can go up 5%, to a fixed rate, locking in a low fixed rate.
- Pay off your mortgage early saving $10,000 or more in interest.
- Skip next month's mortgage payment.
- No upfront money
- No credit report
- No appraisal-equity
- No income verifications
- No qualifying debt ratios .
- Easy over-the-phone application.
- Receive cash from escrow refund held by your current lender.
Most of the mortgage companies are also VA lenders. The VA does not require any credit underwriting or a property appraisal. You may have missed the last chance you had to lock in a low fixed rate. If so apply online or call now, before the rates go any higher!
VA Streamline Refinance
It is possible under this program to have closing costs, escrows, and up to two mortgage payments financed.
As a veteran, you can save two months of mortgage payments and receive a cash escrow refund from the current lender under our VA streamline refinance.
What are the benefits?
- No upfront money
- No credit report
- No appraisal-equity
- No income verifications
- No qualifying debt ratios
Even if you have had previous late payments, you may still qualify for this program.
The program is excellent for ARM VA loans to be converted into a fixed rate
mortgage loans. To start your VA streamline refinance, apply online. Please contact
us for further details.