The VA Streamline Refinance Program, officially known as the Interest Rate Reduction Refinance Loan or the VA IRRRL, has given veterans a chance to reduce the burden of high mortgage payments. The VA IRRRL allows you to refinance your existing VA Home Loan with a loan that has got a lower interest rate. Although you cannot get any cash proceeds from the loan, this loan does save you a lot of money in mortgage payments. So, if you are finding it hard to make mortgage payments on time, then getting a Streamline Refinance might be a good option for you. In the following post, we would be taking a look at the things that you can try out to make the process of getting a VA IRRRL a whole lot simpler.
Ensure that You Don’t Have One 30-Day Late Payment in the Past Year
To get an IRRRL Loan, you cannot have a more than one 30 day late payment for your mortgage in the year before your application. If you have more than one, then it would be difficult for you to get a loan. However, you can always get in touch with a VA approved lender for more details.
Try to Pay the VA Closing Costs Out of Your Pocket
The VA Streamline Refinance Loan allows you to refinance your loan without any money of your pocket. This means that the Closing costs of your Loan could be rolled into your VA IRRRL. However, this would increase your monthly mortgage payments as well. Hence, you should try to pay your closing costs out of your pocket as that would save you money.
To get the most affordable IRRRL Rates, you need to get in touch with a reputed VA Loan Lender. Different Lenders would offer you different rates, so it’s always better to compare their rates. So, get in touch with a reliable VA Loan Lender and get an IRRRL VA with ease.
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