the va streamline refinance option- irrrl.org
TRANSCRIPT
VASTREAMLINE
THE
REFINANCE OPTION
IRRRL.ORG
IRRRL.ORG LENDER HOTLINE: 888-581-5008
One of the many benefitsveterans and current servicemembers have is a special
mortgage program throughthe VA. The VA also offers arefinance program for those
same service members.
IRRRL.ORG LENDER HOTLINE: 888-581-5008
VA loans don’t requirethe borrower to paymortgage insurance orPMI. When buying a newhome qualified militarymembers don’t need toput down a downpayment when they usethe VA home loan.
IRRRL.ORG LENDER HOTLINE: 888-581-5008
VA IRRRL BasicsAlso known as a VA-to-VA loan, the VA IRRRL wasdesigned to let military members who already have anexisting VA home loan refinance their current loaninto a new one and either lowering your interest rate,transition from an adjustable-rate loan to a fixed-rateloan, or both. VA IRRRLs were designed to be easy andquick.
IRRRL.ORG LENDER HOTLINE: 888-581-5008
VA Requirements for an IRRRL
Must qualify as veteran
Must already have a VA loan
Homeowner much reside in the home
No more than a one 30 day late
mortgage payment in the past 12 months
IRRRL.ORG LENDER HOTLINE: 888-581-5008
VA IRRRL Loan TermsThe IRRRL is only available to those who are refinancingan existing VA home loan. You can’t use the IRRRL for aFHA or other conventional loan. The IRRRL is availablewith fixed rates and you can choose whether your loanterm be for 10 years up to 30 years. Thanks to the IRRRLbeing backed by the VA you can take advantage ofrolling all of your closing costs into your new loan.
IRRRL.ORG LENDER HOTLINE: 888-581-5008
Choosing an Approved VA StreamlineRefinance Lender
The VA will never limit yourchoice of lenders, as long as thelender is VA approved. Youdon’t have to use your currentmortgage provider if you don’twant to. It’s always a good ideato use a lender that hasextensive experience with theVA IRRRL Program.
IRRRL.ORG LENDER HOTLINE: 888-581-5008
T O L E A R N M O R EIRRRL.ORG
LENDER HOTLINE: 888-581-5008
C L I C K H E R E
IRRRL.ORG LENDER HOTLINE: 888-581-5008
Justin McHood is Americas MortgageCommentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:Justin McHood
Mortgage Commentator
IRRRL.ORG LENDER HOTLINE: 888-581-5008
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IRRRL.ORG LENDER HOTLINE: 888-581-5008