The VA Interest Rate Reduction Refinance Loan – IRRRL, or VA streamline refinance, is an excellent way for veterans and active duty service members to reduce their monthly mortgage payment by lowering their interest rate. And let’s face it, we could all use lower monthly payments these days! And sometimes your payments can be cut dramatically.
The VA streamline loan is only available to those who already have a VA loan. They are many ways to make this process faster than you could possibly believe not to even mention there are a lot of other advantages to streamlining your VA loan as well:
- No appraisal required!
- The VA does not require you to credit qualify.
- No down payment, and all closing costs are rolled into the loan, so you bring nothing to closing!
- Lowering your interest rate and monthly payment can save you money every month.
- You don’t make a mortgage payment for two months after you close, saving you two month’s worth of mortgage payments!
- You can choose to reduce the term of your loan (i.e. Go from a 30-year to a 25, 20, or 15-year loan) to save thousands on interest over the life of the loan.
- You can refinance from an Adjustable Rate Mortgage (ARM) to a Fixed rate, avoiding costly interest rate hikes when the ARM rate adjusts.
- You can refinance from a fixed rate to a VA 3/1 or 5/1 Hybrid ARM, lowering your interest rate and monthly payment considerably.
- The streamline process is painless and relatively quick. You could be refinanced in just a few weeks and saving money!
Rates are at a historic low right now and you never know when they might be on the rise, rates are known to change at any time so don’t wait! If you have a VA loan, your chances are very good that you will be able to benefit from lowering your interest rate with a streamline refinance. But start now, before they do go up, and they will go up.
Take advantage today and give us a call. 866-569-8272. we can’t wait to hear from you and help you with your VA Streamline Loan!