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A VA streamline or Interest Rate Reduction Loan could be a great idea if you are looking to reduce your monthly mortgage payment. Lowering your interest rate will lower your monthly mortgage payment as well as reduce the amount of interest you pay over the life of the loan.
A VA IRRL is structured to protect veterans in the sense that lenders can only proceed if the current interest rate can be lowered with the refinance unless you’re moving from a VA ARM to a VA fixed-rate loan.
We don't ask for much to approve your new loan. In most cases there is no appraisal or income documentation required for a VA IRRRL. That means that we will not ask for all of the documentation that you may have had to provide when you purchased the home.
In addition, you might be able to get approved for an IRRRL regardless of whether your income has gone down, your credit score has dropped or your home’s value has decreased.
Less paperwork means you can likely expect a quicker approval process, too. You can also finance your closing costs into the new loan so you can refinance your home without bringing money to the closing table.
Not only are you going to be able to save money on your monthly payment, but In many cases you may also be able to skip up to two payments making the savings even more attractive.
If you want to see if a VA IRRL is right for you, call the Coach for more information.
