If your current Mortgage is a VA Loan that you would like to refinance while interest rates are still low, your best option is most likely a VA IRRRL (Interest Rate Reduction Refinance Loan) otherwise known as a VA Streamline Refinance. An IRRRL replaces your existing VA mortgage into a new one at a lower interest rate.
You don’t have to use the same lender that currently services your mortgage for a VA IRRRL. We can refinance your current VA Loan with a VA Streamline Refinance regardless of who your current mortgage loan serviing company is.
Here are the some of the requirements to be eligible for a VA IRRRL
- Must be refinancing an existing VA Loan into a new VA Mortgage.
- Must be a benefit to the borrower – to lower the interest rate and therefore lower the monthly principle and interest payments of the existing VA loan. If the new payment is 20% or more, the lender must determine if the Veteran qualifies for the new payment.
- An IRRRL cannot be used to take equity out of the property or pay off debts other than the VA loan being refinanced.
- An VA Streamline Refinance loan can be made to refinance an ARM loan into a fixed rate mortgage.
To get started with a VA Streamline Refinance Loan today, call us or fill out the short form on this page and we’ll help you lower your mortgage loan payments
Texas Vet & VA Loan Specialist Shirley Mueller
Since 2003 Shirley has originated well over 3000 Texas Veteran and VA Loans. She has helped Veterans in almost every possible circumstance including active duty personnel deployed overseas, returning home, with PCS orders, as well as separated and retiring Veterans. – Read More