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
Comments (2)Subscribe to CommentsComment