Want to save money and refinance your VA home loan? Veteran homeowners can take advantage of the VA IRRRL benefit to reduce their interest rates and save money! With all the benefits of a IRRRL (or interest rate reduction refinance loan), you as a homeowner will be able to skip the hassle of regular home loans while also raking in the cash on a lower interest rate. Hundreds of thousands of veterans enjoy IRRRL benefits and savings. The VA IRRRL will save you time and money while streamlining the refinance process. You will keep on saving year after year until the end of the loan’s life. In fact, the perks of the VA IRRRL loan outrank nearly every other option, easily making this the most popular refinance for veterans. Avoid getting trapped by greedy lenders and IRRRL-1003 benefit scams by taking a look at each benefit below that you are entitled to with this refinance.
List of VA IRRRL Benefits
No appraisals: With purchases and many refinances, an appraisal is almost always necessary to gauge how much your home is worth against how much you need to borrow. However, because the IRRRL was designed to be streamlined, this step is not necessary and therefore saves you hundreds of dollars.
10 days: With very little paperwork, the streamline loan can be closed in as few as 10 days. This means you don’t have to wait for weeks or even months before saving money on your home.
Deferred payments: As with many other refinances, you may be able to defer the two first payments of your mortgage. This doesn’t mean you don’t have to pay that amount eventually, but this small grace period is a great time to build up cash before making payments again. With that extra time, you will feel more on top of your finances.
Less income verification: As part of requiring less paperwork, lenders also don’t require as much evidence that you have sufficient income. They will still likely check employment, but other items such as pay stubs, W2s, and bank statements are not necessary to provide.
Lower interest rate: A rule of the IRRRL is that the borrower must be saving money with the refinance. What that translates into is a greatly reduced interest rate. Here at Low VA Rates, if we think you won’t save a decent amount of money with how the current market stands, then we’ll wait for the market to change so we know you as the borrower will come out on top. Call us now for current IRRRL rates at 855-223-0705.
With a streamline refinance, a few requirements that must be met before you qualify. These include being current on your mortgage (or at least not being more than 30 days late), not taking cash out of your home, and getting a lower interest rate than what you had before. You also must already have a VA loan. After checking off these simple requirements, you are free to refinance with the VA IRRRL.
Why Choose Another Refinance?
So why choose another refinance option? Why would anyone opt for the cash-out refinance, for example? The biggest contrast between the two is that the cash-out will put extra cash in your pocket that you can use to pay off other debts, go on vacation, or spend in just about any other way you can think of. With a streamline on the other hand, you cannot get cash out of your home. Even so, VA IRRRL rates are generally so much lower than other loans that you should still have extra cash at the end of the month.
Think this might be the refinance for you? Give us a call to talk to a loan officer today. Call us now at 855-223-0705.