Excellent Question, Let’s Talk About It
Acronyms – we see them and hear them everywhere and every day. So, what does the acronym IRRRL stand for?
Ah, now I am getting a feel for what everyone is talking about when they say Earl [IRRRL].
Not just Veterans can apply for an Interest Rate Reduction Refinance Loan [IRRRL]. However, because Low VA Rates services Veterans ONLY, we will discuss the VA IRRRL here.
What can an IRRRL do to help you?
- Well, by refinancing your existing VA home loan, an IRRRL can lower your interest rate – sometimes lower your interest rate significantly!
- By lowering your interest rate, your monthly mortgage payment should decrease. This may even give you the opportunity to pay off your mortgage early!
- As well, you can also refinance your existing adjustable rate mortgage (ARM) to a fixed rate mortgage if you prefer and rates are great.
Quick IRRRL Facts & Benefits
- No appraisal or credit underwriting package is required when applying for an IRRRL.
- Far fewer initial documents are required.
- An IRRRL may be closed with very little or no money out of pocket. How? By including all the costs of the loan into the new loan or by working the new loan to enable the lender to pay the costs, you could close your loan with no cash out of your pocket – a great benefit of an IRRRL.
- And, drumroll please…THE BEST BENEFIT OF ALL!!??
Low VA Rates $250 Low APR Guarantee
As Veterans are advised to contact several lenders to discuss terms. Here at Low VA Rates, as our name may suggest, we take great pride in delivering to our clients, terrific interest rates. Of course, outstanding customer service along with a friendly and knowledgeable helping staff are very important, but we realize there are many friendly competitors out there. We want our clients to enjoy low VA interest rates and we are ready to back it up.