VA Streamline Refinance -Interest Rate Reduction Refinance Loan- No Income or Appraisal Required
November 8, 2018 2:19 pm 1 Comment
An Interest rate reduction refinance loan is the a great way to reduce your monthly mortgage payments
If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments or make your payments more stable, an interest rate reduction refinance loan, referred to as an IRRRL may be right for you. Refinancing lets you replace your current loan with a new one under different terms. Fill out our online forms to get more information.
Am I eligible for an IRRRL?
You may be able to get an IRRRL if you meet all of the requirements listed below.
All of these must be true. You:
- Already have a VA-backed home loan, and
- Are using the IRRRL to refinance your existing VA-backed home loan, and
- Can certify that you currently live in or used to live in the home covered by the loan
Note: If you have a second mortgage on the home, the holder must agree to make your new VA-backed loan the first mortgage.
Why might I want to get an IRRRL?
Often called a “streamline” refinance, an IRRRL may help you to:
- Lower your monthly mortgage payment by getting you a lower interest rate, or
- Make your monthly payments more stable by moving from a loan with an adjustable or variable interest rate (an interest rate that changes over time) to one that’s fixed (the same interest rate over the life of the loan)
Please feel free to call our office today for more information: 877-756-2647
Tags: Buy, Home, Purchase
Categorised in: How to prepare to buy a home
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