Are you looking for the best VA approved IRRRL lenders to refinance your home? The good news is nowadays the majority of the VA approved lenders are pretty darn good. However anytime you are dealing with money it is important for you to do your due diligence and shop around. The VA IRRRL is an outstanding benefit for qualified veterans and finding the right IRRRL lender can make things go so much smoother.
What Does IRRRL Stand For?
So what does IRRRL stand for? IRRRL stands for Interest Rate Reduction Refinance Loan. The VA streamline was designed to help veteran homeowners that currently have a VA loan refinance quickly to lower their interest rate and monthly mortgage payment. The VA IRRRL program allows veterans to refinance fast and easy without all the hassle and headache of a traditional mortgage. If you are a veteran with a VA loan and are wanting to lower your interest rate then this program is designed to specifically help you.
What Determines The Best VA IRRRL Lenders?
There are a lot of lenders out there that do VA IRRRL loans. So who should you go with? When determining who the best VA Lender for the VA streamline, or any other VA mortgage-related product, here are few questions to ask.
- Do you feel comfortable talking with the loan officer?
- Are they Approved to Underwrite VA loans?
- How well do they know the product?
- Are they available for you when you have a question?
- How fast can they close your loan?
- Do they offer the lowest rates possible?
VA IRRRL Guidelines
The Interest Rate Reduction Refinance Loan has recently gone through some changes to protect veterans. A few lenders are upset by these changes because it affects the way they can do and market this loan. That being said there are many IRRRL program pros and cons however I would say that the pros outway the cons in the sense that the program is designed to help veterans save money. The main benefit of the VA IRRRL program is that it is a very fast refinance process to help veterans lower there interest rates and monthly mortgage payment.
IRRRL Program Pros
- Fast and Easy loan process.
- The closing costs can be paid up front.
- The monthly payment on the IRRRL must be lower than the payment on the original loan.
- No Appraisal or home value needed for approval.
- No Minimum FICO score needed ( This will differ lender to lender most lenders would like to see a minimum of a 620-640 FICO score)
- No Employment verification needed.
- The loan term may be reduced or extended.
- You can not take cash out on an IRRRL (see VA Cashout Loan)
- The Borrower need not have to occupy the home but must certify the home originally was owner occupied ( This may differ lender to lender, some lenders require the borrower to occupie the property )
If you are ready to learn more about the benefits of a VA streamline and you would like to talk with a VA approved lender Call 1-855-956-4040 to learn more today.