Home loans are constantly being defaulted on. However, there is veteran assistance that no other American can benefit from. Serving your country made you a veteran and now the government is rewarding you by offering you a VA IRRRL. An IRRRL is an interest rate reduction refinancing loan, otherwise known as a streamline mortgage loan.
These IRRRL loans are only valid if you currently have a mortgage that’s been financed through the VA and if the VA interest rate on your home is currently over 5%. There is a great opportunity to save a significant amount of money because VA IRRRL rates are hitting 4.25%. These rates are permanent, low fixed rates, ensuring that you save money permanently, not just while the market is down.
There are tons of banks offering refinancing loans. The different is that this one is specifically designed for VA loans. It is a permanent change in your interest rate. Others will still offer a variable rate that means you’ll get great rates now but may suffer significantly if the market turns around.
The streamline mortgage can save you hundreds of dollars. The higher your loan is, the more you can potentially save from this loan. For every 1% in interest rate reduction, you can save between $100 and 0 every single month. Whether your current interest rate is fixed or variable, you can save money from this loan because the federal government is trying to turn the economy around, starting with their veterans.
Often, a refinancing loan costs you money out of pocket. Closing costs and pre-paid are something that you have to shell out to save money, in the long run, often outweighing the initial reason to refinance. There streamline VA IRRRL loans, however, require no cash up front. All of the involved costs can be added to the refinanced loan, making it extremely easy to get these loans. The application process is simple and easy to qualify for.
Saving money on your mortgage has never been so easy. When much of America has felt the results of the housing market, causing mortgages to be underwater. You then have the problem of paying on a mortgage that’s more than what your house is actually worth. Qualifying for a loan that can save you hundreds of dollars will make this a whole lot easier to swallow.
Check out the VA IRRRL loans while the rates are still super low so that you can save hundreds of dollars. Then, you’ll have the extra money you’ve been looking for to take care of everything else that’s going on in your life.