When searching for VA IRRRL lenders its important to do your research. Since this is a great time to refinance your existing VA home loan, we thought that we would talk about what to look for when searching for the best lenders to work with. The IRRRL is a VA loan program intended to help you take advantage of lower interest rates. This program is designed to be fast and easy for veteran home owners. In the video below we talk about what to look for. We know that this presentation may seem a little biased, but we believe we are the best VA IRRRL lenders on the planet and we want to prove it to you. In the video below Eric talks about the basics of the IRRRL program pros and cons and what to look for when searching for VA IRRRL lenders.
Finding the Right VA IRRRL Lenders
Here at Low VA Rates, we want to help you determine the best IRRRL lenders. When comparing lenders for the Interest Rate Reduction Refinance Loan, the task seem daunting. There are literally thousands of VA lenders out there, so let’s help you determine how to find the best ones to help you get an IRRRL. When comparing lenders you want to become familiar with a term called “overlays.” Overlays are extra rules lender can choose to add on top of the VA’s rules and guidelines. Low VA Rates does not have overlays, and we are approved to underwrite loans on our own. We are what you call a LAPP approved lender. We have direct endorsement from the VA to underwrite loans.
The streamline suggests that the IRRRL process should be fast and easy. Here at Low VA Rates, we are closing loans as quickly in as little as 10 to 15 days. Some loans may take a little longer than that, but Low VA Rates closes loans very fast. Another thing to look for when searching for the best IRRRL lenders is they should work to get you a low rate for your mortgage. Low VA Rates does just that, and we often get the question “How can you offer lower VA rates than other lenders?” Well, let’s just say we are very good at what we do.
Our Name Says It All: Low VA Rates
That’s right, our name, Low VA Rates, says it all. We are excellent in what we do and we provide you with terrific rates! Why do we offer lower rates than your bank or other VA streamline lenders? The biggest reason is because we do not add overlays to our loan requirements.
As a VA lender with no overlays, we do not typically have a minimum FICO score that must be met. The majority of other lenders usually require a 620-640 minimum FICO score. We understand that many of our deserving veterans may not have perfect credit due to many things such as injury, medical issues, deployment, etc. So we do not have an overlay for FICO scores. We also do not require an appraisal or any sort of home value or test to do an IRRRL or a VA streamline. We do not require verification of employment for an IRRRL. We also do not require you to occupy the home. This is another overlay that many lenders require.
We hope this information was beneficial and helpful, if you have any questions or concerns give us a call today at 855-223-0705