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Showing posts from October, 2015
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BENEFITS OF THE VA IRRRL
If you’ve VA eligible and currently have a VA loan, you already know you have the absolute best financing available for those seeking a mortgage with nothing down, low closing costs and competitive rates. There’s no monthly mortgage insurance, either. But there are other benefits of a VA mortgage that many may not yet be aware. It’s called the Interest Rate Reduction Refinance Loan, or IRRRL. Others in the industry sometimes refer to the IRRRL as the VA streamline refinance. Why? Because it’s drop dead easy to process and approve.

There is very little paperwork involved when using this streamline to refinance an existing VA loan. As long as the borrowers don’t take out any cash during the transaction, the loan application sails through. Let’s list some of the most popular features: NO APPRAISALThat’s right, no appraisal required. This saves you money but it also means there are no value considerations. Even if you owe more than what the property is currently wor…