Low VA Rates, LLC is not affiliated with any government agencies, including the VA, FHA, or the HUD. VA lender ID #9797520000. Consumer NMLS# 1109426
(This page and its contents are not intended for residents or home owners in the states of MA, NY or WA.)
You’ve probably heard that the VA Interest Rate Reduction Refinance Loan is the most popular refinance option for VA home loans. You might have also heard about the VA IRRRL worksheet. The IRRRL worksheet is a tool generally used by lenders and is not something the typical borrower or veteran would get much use out of completing. Many veterans want to know how long it will take them to break even or recoup their closing costs on a VA IRRRL, and this particular form, the VA IRRRL worksheet, will not tell you that. For determining the timeline for your breakeven point, please contact one of our VA loan officers. Using the VA form 26-8923 may help you compare lenders and can give you an overview of the fees included. Lines 5,6,7, and 8 when added all together, will give you a clear idea of the fees being added to your loan. Here is a link for theVA form 26-8923.
What Will the VA IRRRL Worksheet Tell You?
An approved underwriter must compete an IRRRL worksheet form and this form cannot be filled out by the veteran or any other borrower on the loan. In order to get VA approval and a VA guarantee for your Interest Rate Reduction Refinance Loan, your lender must fill out and accurately complete a VA IRRRL worksheet. The worksheet is quite simple and shouldn’t take more than a few minutes for an experienced VA expert, like those at Low VA Rates, to fill out. The form boxes require such information as the remaining loan balance, origination fees, and discount fees.
Another type of VA IRRRL loan amount worksheet that you might have heard reference to is one specifically intended for borrower use, and this doesn’t need to be turned in to anyone. If you’re planning on doing a VA streamline, you want to make sure you’re getting the right loan terms with the right lender and that refinancing will be the best financial decision for you in the long run. The best way to do this? Compare! Use a Loan Estimate or LE to take several refinance plans and compare them to each other to see which would give you the biggest advantage. Going to a professional to get several quotes and plans is a great idea! By doing this yourself, you have the chance to get VA lenders to compete for your business and that will help you find thebest VA IRRRL lender.