VA IRRRL - VA to VA Refinance

VA IRRRL - VA to VA Refinance
Have you heard of the VA IRRRL (Interest Rate Reduction Refinance Loan)?

This is THE BEST loan for refinancing, by far! The only requirement is that you have a VA loan right now.  The VA IRRL allows you to refinance that current VA loan into a new VA loan at a lower interest rate, all done seamlessly. Some of the perks of this loan are:

• no income documentation needed
• no paystubs
• no taxes
• no appraisal

This loan takes a total of 9-15 days with no unexpected challenges arising.  The only two items to take into consideration with making sure this refinance makes sense is:

1.       Your New VA Funding Fee (there is a new one for every VA loan you get)
2.       The closing costs and pre-paid items that are rolled into your new loan

It is important to make sure that the amount of savings from the refinance allows you to earn back your closing costs and funding fee in a timely manner.