Showing posts from July, 2017

July 31 - Using your VA Earned Benefits

Using Your VA IRRRL Earned Benefits

The VA home loan is a phenomenal mortgage program, unlike any other available in today’s mortgage marketplace. The VA loan’s most visible feature is the lack of a down payment requirement. VA loans ask for zero down yet still provide some very competitive mortgage rates. And even with a zero down program, there is no monthly mortgage insurance premium payment found with other low money down government or conventional loans, helping more borrowers qualify. Veterans are also limited to the types of closing costs they’re allowed to pay. No money down, low payments and restricted closing costs make for a very attractive financing package when it’s time to buy and finance a home.
But the VA loan also has an important feature that can be used again after the home has been purchased and it’s called the Interest Rate Reduction Refinance Loan, or IRRRL. Lenders often refer to the IRRRL as a streamline loan due to the vast reduction in documentation required.…
The No Appraisal Refinance

Are you thinking of refinancing your mortgage but the process along with the closing costs involved are holding you back? You can remember when you got your first mortgage you were a bit surprised at the amount of paperwork involved and how many different services were needed in order to close your loan. We understand that completely.  But when refinancing an existing mortgage there are ways to reduce your closing costs and one of them is waiving the requirement for a brand new appraisal, saving you a few hundred dollars. How can that happen? Don’t lenders need to know what your home is worth before approving a loan application?
There are a couple of ways. Loans today receive their initial approval through an automated underwriting system. Lenders digitize your loan application and submit it through the portal and in just a few moments your loan is preapproved and a list of required documentation is provided. When refinancing, one of the pieces of required d…