Rates Are Still Plunging!!!

Good News – Recent changes in our economy is leading more Veterans towards refinancing.   Veterans can lower their interest and/or lower the loan term without requalifying for a mortgage loan.  That’s right, Veterans can refinance their home without having to verify income, without having to have their home appraised, without having to pay any out of pocket fees or closing costs.  Believe it or not, VA literally does not require an Appraisal or Underwriting Package.  However, some lenders may require additional conditions to include a credit report.  This loan is commonly referred to as a VA Streamline, IRRRL (Interest Rate Reduction Refinance Loan) or VA to VA Refinance Loan.

3 Extra Helpful Tidbits 1 – No lender is required to make an IRRRL.  2 – You are NOT required to go to the lender you make your payments to now or go back to the Broker or Lender you got your VA Loan from originally.  3 – An IRRRL may be done with NO MONEY OUT OF POCKET by including all costs in the new loan or by making the new loans interest high enough to pay the costs of closing.

Buyer Beware – Some Lenders may tell you that VA requires some or all closing costs be charged to to you andor included in your loan.  The only fee that VA requires is the funding fee of .5% of the loan amount. This fee can be paid in cash or included in the loan as well.

Some Lenders may state that they are the only lenders that are authorized by VA to lend money on VA Refinance transactions.  This is simply not true.

I highly recommend you find a qualified VA Refi specialist to assist you with any VA transaction. As always, if you have questions, comments or concerns feel free to post a comment here or Click Here to Talk With Steph.