VA Streamline Refinance (IRRL)

VA Streamline (IRRL) Refinance

The VA Streamline Refinance (IRRL) is a great option if you currently have a VA Home Loan and want to lower your interest rate to save cash.  In this blog post, we will give 5 tips for homeowners who are looking to refinance their VA Home Loan. The best part is that the process of refinancing is simple, fast and very cost-effective.

The VA Streamline Refinance (IRRL) is one of the easiest loan processes there is. It's one of the only loans on the market that does not require an appraisal and the qualifications are simple.

Sure, there are a few hoops to jump through. But other than that, this is one of the easiest loan processes out there. You can have your loan approval in as little as 60 minutes.

One thing that you need to know is the VA Streamline Refinance ( IRRL) can only happen if your home loan was originally financed with a VA Home Loan and it has been at least 12 months since the last time they refinanced or their mortgage. This might sound like a long waiting period, but most loans are good for 30 years so there's plenty of time before this will become an issue!

The VA Streamline Refinance (IRRL) Loan is available for all eligible veterans who meet the following qualifications:

The VA Streamline Refinance (IRRL) is available to veterans with a minimum credit score of 620. If your credit score falls below this, then you may be eligible for another type of loan. Again, home values aren't an issue because the VA Streamline Refinance doesn't require you to get an appraisal, so you get to keep that cost in your pocket. 

No Income Restrictions on your VA Streamline Refinance (IRRL)

VA Streamline Refinance (IRRL) loans are available for veterans with no income restrictions. This is great news because some lenders only offer to refinance to those who make a certain amount of money, which can be difficult if you don't know how much your monthly mortgage payment will be or have had issues keeping up with payments in the past.

For many people, this may seem like an easy decision as there's not much thought required and they're just looking for something that fits their specific needs at the time.

Why Should You Use A Mortgage Broker for Your VA Streamline Refinance(IRRL)?

When you use a mortgage broker for your VA Streamline refinance (IRRL) you will get a much better rate than you would if you were to go to the bank or mortgage bank.

You're going to want to find the best rate with your broker and make sure that it is in line with what you need on each payment so it doesn't get out of hand. Mortgage Brokers have much lower margins than the bigger banks. This is because Mortgage Brokers are capped at how much they can make on loans where banks are not.

The cap creates savings that Big Banks and Mortgage Bankers can't really compete with. Once you decide to use a mortgage broker you'll question why you haven't always used them. Brokers are Better!

Why Should You Use A Mortgage Broker for Your VA Streamline Refinance (IRRL)?

The VA Streamline Refinance (IRRL) is a great way to get a lower interest rate, but there is no free lunch. There will be costs associated with closing the loan, however they are much lower for VA Streamline Refinance loans.  Check out our rates on the VA Streamline Refinance (IRRL)

The Department of Veterans Affairs has put limits in place that make the VA streamline refinance one of the cheapest loans to refinance. VA IRRL closing costs will vary from state to state. The basic list of items that you should expect in your refinance is:

Origination Fee.  Some lenders will have an origination fee on their loan, but as Mortgage Brokers we don't have this fee.

Title Policy.  All loans will have a title fee. Title Policies are state-regulated, so it's not very much. It's based on the loan amount so that fee will vary based on the size of your mortgage

-Credit Report and Underwriting Fee.  The credit report and underwriting fee shouldn't eclipse more than 1k. if it's more than that, you should look at shopping around for a better deal. Also, as a Mortgage Broker, we can structure the loan so there is no underwriting fee. Saving you even more cash with a much lower interest rate.

-Escrow Fee The escrow fee will be the largest fee you'll incur on a streamline refinance. This is for setting up your escrow account for your property taxes. However, some states allow for property tax exemptions if you are considered a disabled vet. Depending on the percentage of your disability, you may not have any property taxes at all. This could be a total game-changer and keep your refinance fees very low. 

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About the Author

Micheal Price has more that 15 Years in the Mortgage Industry. He's held positions from Senior Loan Officer to Company President. He's always on the cutting edge of technology and bringing you the best mortgage strategies possible.

Micheal Price

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