What’s an IRRRL?

Mortgage and Lending with ClearPath Mortgage Solutions, Inc. NMLS #1394615 NMLS # 423279
The VA IRRRL stands for Interest Rate Reduction Refinance Loan. This is my absolute favorite loan available. Here is a live example: Jim and Beth recently contacted me about getting pre-qualified to purchase another home.  During this process, I realized that their current loan was a VA loan.  Light bulb instantly went off.  I asked them what their current rate was on their mortgage and what their intentions were when moving out of their current home.  They explained their desire to maintain their current property as a rental.  We began to discuss the VA IRRRL as a viable option for them. Here are the benefits:

1.       No appraisal required

2.       No income verification or qualification required

3.       No out of pocket expenses

4.       Get a lower interest rate

5.       Continue to have no Mortgage Insurance

6.       Minimal VA funding fee

7.       Eligible on investment properties

This was a no-brainer for them. Saving $230/month. No out of pocket costs. 2-3 week total process time and they could still purchase another VA loan for their family as they outgrew their original home and still had VA entitlement left over.  If you know a veteran make sure they know about the VA IRRRL.
-Mortgage Consultant for Life
Posted by

    -Mortgage Consultant for Life


Mike Rankin, NMLS #423279
ClearPath Mortgage Solutions, Inc. NMLS #1394615
950 New Loudon Rd. Suite 231

Latham, NY 12110
Cell:  518-380-4726
Email: mike@clearpathmortgages.com


Mike Rankin does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comments (2)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Mike. This is such and amazing mortgage products for the refinance of a VA loan. It is unfortunate that many don't even know the product exists and how easy it is to get accomplished.

Make it a great weekend!

Mar 28, 2014 08:47 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Mike it is a great feeling when you have a product to offer that will save your client some money.

Mar 31, 2014 01:24 PM