The most popular VA loan out there is the IRRRL. You might wonder, “How will the Interest Rate Reduction Refinance Loan benefit me?” Or even “Why should I do a VA IRRRL?” The real question you should be asking is why not. VA IRRRL rates today alone offer many more benefits than just about any other loan type out there.
Top 3 Reasons to Consider Doing an IRRRL
The VA streamline loan can come with no closing costs.
Some people might call this a “free” loan, but that doesn’t mean you don’t have to pay closing costs or interest or any other costs. It does mean that you have a lot of options for how you pay off these charges and when. If you take advantage of certain benefits the program offers, you can make it so that you pay very low or even no costs at closing at all. Here’s how:
- Take a higher rate and pay less – or no – closing costs. On the flip side, you can get a much lower interest rate if you are willing to pay more at closing (paying discount points at closing will give you even lower rates).
- When you choose to take the higher rate, closing costs are financed into the total loan amount.
Fastest Refinance Option Available
The VA streamline is fast and easy because the Department of Veterans Affairs designed it that way – it’s as simple as that. The VA wanted to make a home refinance option that would not be such a hassle for veterans to use (as some loans are). The biggest reason why the IRRRL is so fast and easy is because there is less paperwork to fill out. The VA IRRRL program does not require an appraisal, another credit check, or even income or employment verification. Many documents and criteria that other loans require, the IRRRL does not. Because of the cut down on paperwork, the IRRRL loan can take as little as 10 days to complete.
What is more, at Low VA Rates we work hard each day to ensure everything done on your loan is efficient and effective.
The VA Streamline Will Save You Money
The biggest reason why anyone should do an IRRRL is because it will save them money. In fact, the VA does not allow a borrower to refinance with an IRRRL unless it will put them in a better financial situation than before.
Like many homeowners, you’re probably saving up for a lot of future wants and needs: college, vacations, home improvements, medical bills, and more. One of the most effective ways to save money fast is to refinance your mortgage. The IRRRL usually saves homeowners money because it reduces interest rates. It’s in the name: Interest Rate Reduction Refinance Loan. Many of the veterans we do business with here at Low VA Rates end up saving hundreds of dollars each month on their mortgage after doing an IRRRL. It’s possible to even save thousands to hundreds of thousands of dollars over the life of your loan.
Refinancing Your Home
It’s never too late or too early to consider doing a refinance, especially when it could save you thousands of dollars and is a cheap and easy option. If you need to hear more than these top 3 reasons to do an IRRRL, then give us a call. We’d be more than happy to explain the benefits of the VA IRRRL program to you and get you started on a loan application. Apply online or give us a call today at 855-223-0705.