Here to Help You
The experts a Low VA Rates work each and every day to help veterans to refinance and save money. It does not make sense to pay more than you have to to the bank. It is our goals to evaluate your situation and help you to easily refinance and start saving you money. Most often, we will recommend a VA streamline refinance also known as an IRRRL because this is the easiest and cheapest way to help you.
What is an IRRRL?
The IRRRL (interest rate reduction loan) Program is a great benefit to veterans. The concept is to allow Veterans to take advantage of an opportunity to lower their rate with very few qualification requirements (possible barriers). In short the VA requires the current loan be a VA Guaranteed loan, the VA loan being paid off be current (not past due), and MUST provide the veteran (borrower) a financial benefit. A few examples of financial benefits as defined by the VA are: shorter term, monthly savings that cover the costs, and from an ARM loan program to a Fixed loan program.
Cool Program Features
Aside from providing a financial benefit to the Veteran (as required by the VA) there are some additional features that can help Veterans. Not every VA lender does the IRRRL the same way and offers these cool additional features. Here is a short list:
* No appraisal requirement
* No money out of pocket. No application fee.
* No credit score requirement
* Defer two months mortgage payments
* Escrow balance refunded from current lender
* Happiness when you close
Easiest Streamline Process Possible
Getting the information you need to understand how much you will save and to make a decision is easier than ever. It takes only a few short minutes to collect the basic information about you current loan and to discuss different options. Any reputable company will be able to quote the rate, savings, process and costs within a few minutes.
TIPS to Getting an IRRRL
1. Pay attention to the process the lender follows during the consultation. If you get a complete picture and understand all the information this may be a (positive) sign of what to expect during the process.
2. When providing information to the lender to get a quote provide real and accurate information. Use your most recent mortgage statement to give most accurate information.
3. Use companies who know the VA loan and focus on Veterans. Using an expert to help you through the process can make it easy.
4. Get your quote in writing so you can clearly see all details. Provide the quote to Low VA Rates for a review.
5. If you want the best deal and easiest process definitely call Low VA Rates. We are experts at the VA loan. Low VA Rates will examine any quote and offer a lower rate or price or we will pay you $250. We are serious about helping Veterans.
Garrett Law has spent most of his career dedicated to providing customers the best possible experience with a special focus on working with veterans. Garrett joined Low VA Rates so he can again offer both Veterans and non-Veteran borrowers the very best experience and lowest possible interest rate. Read more about Garrett here.