Are you a veteran who’s looking to lower your monthly mortgage payment? Try an IRRRL.
Today I want to talk about the VA IRRRL, or Interest Rate Reduction Refinance Loan. It’s an awesome product for veterans or someone who’s carrying a VA loan and is looking to refinance and lower their monthly mortgage payment.
It requires very little paperwork—no pay stubs, bank statements, or W-2s. We don’t even have to get an appraisal. The way that the VA looks at it, as long as there’s a benefit to the veteran, they allow them to refinance and lower their monthly payments. They allow you to do it without having to go through the process of a true refinance.
They allow veterans to lower their monthly payments without having to go through the process of a true refinance.
You will have to have paid your mortgage on time for the last 12 months. Interestingly enough, in terms of quotes, we’ve been half a point better than a lot of large lenders that you see on TV. Depending on the loan size, that in itself could be a huge savings.
If you’re in the state of Maryland and you’re considering refinancing or want to have a look at your VA loan, it only takes a little bit and doesn’t cost you anything. We’ll advise you based on your situation, and if it doesn’t make economic sense, we’ll inform you so.
We’d love to hear from you if refinancing is something you’re considering. Give us a call, direct message, or email. We look forward to hearing from you.
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