VA IRRRL - The Fast and Easy Way To Lower Your Payment
The VA streamline refinance program, also known as the VA IRRRL (Interest Rate Reduction Refinance Loan), is a fantastic refinance opportunity which can be used to lower the rate and payment on your current VA Loan.
In many cases, we can help you with no closing costs! The VA streamline refinance allows you to convert your existing VA Loan into a lower rate and payment. The VA IRRRL is also termed a streamline refinance, because the process is so easy and fast.
The first step to determining your eligibility is to talk to a VA Loan specialist about your options and the savings you will realize. You can also find out more about your Veteran benefits through the Denver Regional VA Office.
It is important to determine that the refinance makes financial sense. Your lender can help you determine the savings. In most cases it does because of the fact that we can do your refinance with no closing costs, so you will have a benefit from day one.
Qualification standards are not difficult. Although VA will state that there is no credit check or minimum credit score requirement, lenders have overlays or additional requirements above what VA requires.
We have a minimum credit score of 600 and you will get a better rate if you are above 640. It's also required to be 2 years out of a bankruptcy. Although VA guidelines also state that you will not need an appraisal, in some cases we will need one.
You can obtain a VA IRRRL up to 125% of your home's value, but will get a much better rate if you owe less than the home is worth. Your current VA Home Loan verifies that you have eligibility, so you will not have to verify your benefits again through obtaining a certificate of eligibility.
The VA funding fee is low, only .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or in some cases we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.
You can find out what your rate and payment will be by giving us a call in the office at 303-670-0137.
Lakewood & Denver VA IRRRL Mortgage Lender
One of the first steps to getting started is to fill out a loan application and have your credit checked. Our philosophy is to give you honest advice and straight answers to your questions. We would be honored to help you, and your service to our country means the world to us! Your trusted VA IRRRL Lakewood and Denver mortgage lender.