Are you a veteran and own a home? Have you thought about refinancing your VA mortgage? There is a home refinance option available through the VA that could potentially save you hundreds or thousands of dollars a year.
It can help you save on your monthly payment by obtaining a lower interest rate, as well as help you reduce the overall interest paid during the life of your loan. And, depending upon your current mortgage situation, it can all be done with “no money out of pocket”.
So what is this program? It’s called the VA Interest Rate Reduction Refinance Loan, or VA IRRRL for short.
The VA’s Interest Rate Reduction Refinance Loan (IRRRL for short) can be used to refinance a property on which you have already used your VA loan eligibility. The terms of the loan stipulate that it must be a VA to VA refinance, and it will reuse the entitlement you originally used to obtain your mortgage.
In addition to a reduction of interest rates, there are additional benefits that veterans may qualify for, depending on your current home’s value, credit score, and payment history. Numerous lenders offer VA IRRRL programs, each having their own set of criteria or conditions.
For example, some veterans may not need a home appraisal, which can save both money and time when refinancing your home. There are some lenders that will run an Automated Valuation Model (AVM) prior to submission of your loan request. This is simple a home value estimate. If your scores are high enough and your AVM shows that your home’s value is more than what you owe, you may not need an appraisal. Some lenders may qualify you with an LTV (loan-to-value ratio) of up to 150%!
Please note, not every veteran will qualify for all of these benefits, depending on your individual circumstances.
If you own a home, and you are a veteran, you should definitely research the VA IRRRL program to find out if it is something you might benefit from. This program has the potential to help US veterans lower their monthly mortgage payments and decrease the amount they pay in interest over the life of their home loan. If you qualify, this may be something worth taking advantage of!
So how can you find out if the VA IRRRL program is right for you? Contact Maple Tree Funding today! We can help you determine if you qualify and if it makes sense for you overall, based on how much it will help you lower your mortgage rate, provide a monthly savings, and reduce the overall interest you would pay on the life of your home loan.
Give us a call at 518-782-1202 or contact us online to get the conversation started and find out if you could benefit from refinancing your home through the VA Interest Rate Reduction Refinance Loan Program!
Looking for additional information about VA mortgages and home loans? The following resources may be of assistance:
Guide to VA Home Loans – Browse our extensive guide with a wide variety of resources related to VA mortgages, including information about funding fees, income requirements, qualification guidelines and more.
VA Mortgages and Home Loan Options – A quick overview of the mortgage options available to those who have served our country.
About VA Mortgage Eligibility: Find Out If You Qualify – A helpful look at VA home loan qualification requirements to help you determine whether you’re eligible for these competitive loan programs.