VA Refinance IRRRL
The Department of Veteran Affairs offers a streamlined VA refinance to benefit borrowers with VA loans. This refinance loan is called a VA Interest Rate Reduction Refinance Loan. But, IRRRL, pronounced like Earl, is what lenders call it. A VA IRRRL helps a Veteran refinance a current VA loan into a lower interest rate and payment. Plus it is an easy and quick process. Additionally this product allows a refinance from an Adjustable Rate Mortgage (ARM) to a fixed rate.
So with today’s low rate environment, it is a perfect time to lower your VA mortgage rate and payment. Therefore it is best to call now to see if a refinance makes sense before rates rise!
VA Refinance IRRRL Details & Eligibility:
- No appraisal is required
- All closing costs may be included in the new loan
- Borrowers usually have the option of a no closing cost loan
- The process is very simple and easy to close for borrowers
- Reduced VA funding fee. The fee is only .50% of the loan amount, plus financed in the loan
- Furthermore, you do not have to pay a VA funding fee (exempt) if
- Veteran is receiving VA compensation for a service connected disability OR
- Veteran who would be entitled to receive compensation for a service connected disability if you did not receive retirement or active duty pay OR
- Surviving spouse of a Veteran who died in service or from a service connected disability
- The borrower may not receive cash out from the refinance
- Only the existing VA mortgage may be paid off & not other loans or mortgages
- Allows for divorcees, widow, or remarrying Veterans to refinance
- Additionally, a VA IRRRL allows for rental properties too
VA Cash Out Refinance for Bill Consolidation or Improvements
Furthermore, A little known fact is that active military, Veterans, or qualifying surviving spouse may qualify for a cash out refinance. So, VA cash out refinances can pay off any type of mortgage, loans or credit cards. Plus, home improvements can even be financed. Therefore, this is a great way to finance a bill consolidation or home improvements up to 100% of appraised value with no PMI.
In conclusion, whether you currently have a VA loan or not, a VA refinance is a great financing option.
Discounts for Disabled Veteran Homeowners in NC & SC. See if you qualify
- North Carolina Property Tax Relief for the Elderly and Disabled
- South Carolina Property Tax Exemption for 100% Permanently Disabled Veterans
Team Move Mortgage lends in the following areas
Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.