VA Loans usually have a lower interest rate than most conventional loans, as it is a loan that is backed by a Department of the United States Federal Government. However, there might be instances where you might find it difficult to pay regular mortgages on your VA Loan. In such a situation, the VA IRRRL Program would come to your rescue. The VA IRRRL, also known as the VA Streamline Refinance Program, helps veterans who have an existing VA Loan to reduce their interest rate and thereby make it easier to make regular mortgage payments. In the following post, we are going to take a look at some of the most important facts that you should know before your apply for a VA Streamline Refinance Loan.
The Streamline Refinance Loan Helps You Move From ARM to Fixed Rate Loan
Apart from reducing the mortgage rate on your existing VA Loan, the VA IRRRL Program also helps you to convert your Adjustable Rate Mortgage or ARM VA Loan into a fixed rate Interest Loan. This saves you from the volatilities of the market and in the long run, it would save you a good deal of money. You can also change your repayment period from 15 years to 30 years or vice versa.
You Don’t Need to Pay any Money Out of Your Pocket
To get a Streamline Refinance VA, you don’t need to pay any money out of your pocket. Of course, you do need to pay a IRRRL Funding Fee, like most other VA loans but that can be rolled into the loan itself and you can pay for it in the monthly installments.
You Don’t Need to Certify that You Occupy the House
Unlike, the VA Purchase Loan, you don’t need to certify that the house for which you are taking the VA IRRRL is your primary residence. You only need to certify that you had previously occupied the house and that’s it.
You can get in touch with the VA approved lender who would help you get a VA IRRRL without any hassle. They would use effective tools such as the Streamline Refinance Calculator to show you the amount of savings in mortgage payments that you would actually get. So, get in touch with the leaders and get a streamline refinance loan with ease.
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