The VA's IRRL Refinance Loan is Simple, Easy, & Beneficial for Veterans
It sounds like an obvious. Elementary too ...
A loan program's primary mission should be: Make life better and easier for the consumer(s) utilizing it.
If that's the goal, then the VA (Veteran's Administration) has nailed it with their Interest Rate Reduction Loan. This loan is better known by the acronym of "VA IRRL".
What does the VA IRRL loan do?
This loan serves U.S. Veterans already holding an existing VA Loan by refinancing their present loan into a new lower interest rate loan. This is accomplished all while requiring limited documentation from veteran borrowers.
No Need to Fear the Topic of Private Mortgage Insurance if you Know the Facts
If you've done much research regarding mortgage financing, you've probably heard the term "Private Mortgage Insurance" ...
You may have also heard that Private Mortgage Insurance is scary or should be avoided. But in reality, in the right situations ... it can be the solution to your home buying and financing challenges.
What do I mean?
Let me start by explaining what Private Mortgage Insurance is ...
Private Mortgage Insurance, often referred to as PMI, is insurance provided by a private mortgage insurance company. The insurance protects Lenders against loss (to an 80% Loan Limit) if a … (5 comments)
Having been in the mortgage business for as many years as I have, I've had the pleasure and opportunity to meet and work with many of Chicagoland's best real estate professionals ...
With some, the relationship goes back decades. I say "relationship", as over the years we've come to know each other well. I've gotten to know about spouses, kids, grandkids, pets, life situations, and more through our shared stories.
Subsequently, strong bonds and trust have been forged between us. Because of that, I've had the pleasure of working with many of my referral partner's family … (6 comments)
va loans: VA Loans: Flex Your VA Benefit Muscle
- 07/27/17 12:16 PM
VA Loans: Flex Your VA Benefit Muscle Veterans of the U.S. Military - Armed Forces, through their active service provided to our country, become eligible for VA benefits. One of those benefits is a home loan guaranty. I've been honored to work with many Veterans during my years as a Mortgage Originator ... While VA Loans are made possible via the U.S. Dept. of Veterans Affairs, I, as their Mortgage Originator, originate, direct, and my team handle the processing of my clients' VA Loans. U.S. Veterans can obtain a mortgage with: NO MONEY DOWN (No Down Payment Needed) Using … (6 comments)
va loans: Veterans: Basic Info to Know About VA Loans
- 08/20/15 04:26 AM
Veterans: Basic Info to Know About VA Loans The interest and use of VA Loans by veterans when purchasing a home is growing. That's a great thing ... However, there are still many veterans that could be utilizing their VA Loan benefit, but are not. The VA estimates that 1 in 3 veterans are unaware of their VA Loan benefit. In my own experience as a Mortgage Lender, I often find that to be true. Either the veteran does know of the benefit, or there's some misunderstanding about how they may use and benefit from it. … (17 comments)
Home. A small, simple word that wields undeniable impact and emotion ... After working with many veterans over the years, I've come to believe that U.S. soldiers ... those that have served to protect us and our way of life ... know the meaning and immense power of the word "home" better than most. And as a result, their desire to have a home to call their own is more keenly felt. They've more than earned the right. The VA benefits offered them are … (7 comments)
It's a MYTH: You Don't Need a 20% Down Payment to buy a home! Let me repeat that ... I said,
You Don't Need a 20% Down Payment to buy a home! I'm not sure how I can say that more clearly, more often, more concisely, and consistently ... or deliver it more emphatically. I say it again now, almost in fear of sounding like a broken record. Yet a Zelman & Associates … (12 comments)
VA Loans, and the benefits that they provide U.S. veterans and their families, are often an under-used and misunderstood type of financing. While VA loans are made possible through the U.S. Dept. of Veterans Affairs, the loan approval process itself is rarely handled by that government entity. Lenders, such as myself, handle the processing of the loans. VA loans provide a well-deserved opportunity and beneficial options through which Veterans can become home owners by offering the following (and fairly well-known) key advantages: No … (7 comments)
Thinking about Buying a Home or Refinancing soon? Read on and be better prepared when applying for your new Mortgage ...
The news and blogs are currently filled with stories regarding the huge and sometimes overwhelming demand for documentation during the mortgage lending process. Much is presently being made of the number and kind of requests being made for proof of finances, payments, credit, and more by lenders and their underwriters during the processing of loans. I personally don't … (36 comments)
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