Here to Help You Save Your Money:
The experts at VA Loan Group work each and every day to help veterans to refinance and save money. It does not make sense to pay the bank more than you have to. It is our goals to evaluate your situation and help you to easily refinance and start saving you money. Most often, we will recommend a VA streamline refinance also known as an IRRRL because this is the easiest and cheapest way to help you.
What is an IRRRL?:
The IRRRL (interest rate reduction refinance loan) Program is a great benefit to veterans. The concept is to allow Veterans to take advantage of an opportunity to lower their rate with very few qualification requirements (possible barriers). In short the VA requires the current loan be a VA Guaranteed loan, the VA loan being paid off be current (not past due), and MUST provide the veteran (borrower) a financial benefit. A few examples of financial benefits as defined by the VA are: shorter term, monthly savings that covers the costs, and from an ARM loan program to a Fixed loan program.
Cool Program Features:
Aside from providing a financial benefit to the Veteran (as required by the VA) there are some additional features that can help Veterans. Not every VA lender does the IRRRL the same way and offers these cool additional features. Here is a short list:
* No appraisal requirement
* No money out of pocket. No application fee.
* No credit score requirement
* Defer two months mortgage payments
* Escrow balance refunded from current lender
* Happiness when you close
Why do an IRRRL?:
- Lower interest rate saves you money – we can tell you exactly how much
- Shorten your term & keep the same payment
- No appraisal, no out of pocket costs, no income requirements – Only savings
- Use the cash (two deferred payments and escrow refund) for other important purposes
- Its quick & easy. Getting the information you need to understand how much you will save and to make a decision is easier than ever. It takes only a few short minutes to collect the basic information about you current loan and to discuss different options. Any reputable company will be able to quote the rate, savings, process and costs within a few minutes.
Easiest Process Possible:
Getting the information you need to understand how much you will save and to make a decision is easier than ever. It takes only a few short minutes to collect the basic information about you current loan and to discuss different options. Any reputable company will be able to quote the rate, savings, process and costs within a few minutes.
How to Get an IRRRL (the process):
- Call us for a quick quote. Its best to have your mortgage statement handy so the information we give is accurate.
- With your loan originator (us), pick which option best meets your goals.
- Complete & sign your loan application.
- Provide the few documents outlined on our checklist of What We’ll Need.
- Give us a few weeks to process your loan. It really can be that easy.
How to tell if its worth it:
We will do a free refinance Cost Vs. Benefit Analysis. As part of the VA streamline program requirements there must be a benefit to the Veteran borrower to do the transaction. There are many different benefits for Veterans with a VA streamline refinance, as outlined below. Some say you have to drop your interest rate by more than 2% for it to make sense. However, Veterans do not need a 2% drop in rate to see a real benefit. What if you were able to drop your rate .5%, at no cost, shave three years off of the end of the loan, and keep the same balance? Three years of payment savings is significant. The cost vs. benefit analysis must be done to the individuals needs and not generalized. Truly saving money is a wonderful thing. Contact us to get your cost vs. benefit analysis done and start saving money. For a free consultation and cost vs. benefit analysis, contact our VA loan experts.
TIPS to Getting an IRRRL:
- Pay attention to the process the lender follows during the consultation. If you get a complete picture and understand all the information this may be a (positive) sign of what to expect during the process.
- When providing information to the lender to get a quote provide real and accurate information. Use your most recent mortgage statement to give most accurate information.
- Use companies who know the VA loan and focus on Veterans. Using an expert to help you through the process can make it easy.
- Get your quote in writing so you can clearly see all details. Provide the quote to Low VA Rates for a review.
- If you want the best deal and easiest process definitely call us. We are experts at the VA loan. Low VA Rates will examine any quote and offer a lower rate or price. We are serious about helping Veterans.
Energy Efficient Mortgage Option:
An exciting trend today is cutting down on our energy consumption. There are many things we can do to cut our energy use and save money. The VA Streamline program allows for up to $6,000 of qualified energy efficient improvements to be added to your mortgage as long as there is a “benefit” to the borrower shown as a net savings. VA Loan Group.Com has a helped many VA home owners complete an energy efficient mortgage and reduce their future energy costs. Most recently, we have put together a turn key energy savings package that can be rolled into the streamline refinance.