If you already have a VA mortgage at a set interest rate, you may think you're done. But, one of the most powerful features of a VA mortgage is the possibility of easily reducing your existing interest rate by getting what's called a "Streamline Refinance" or Interest Rate Reduction Loan (IRRRL).
This is a much different process than refinancing the whole loan, you are simply reducing the interest rate alone.
A simpler process that can be completed without an appraisal AND without any out-of-pocket expenses. It's far simpler than the original loan because you don't need to get another Certificate of Eligibility. Effectively it's a scan for lower rates.
For example, if you have an existitng interest rate of 6% and and if a lower rate is available, say 3.5%, you may qualify for a reduction of your payment to that lower rate, thereby saving you $ every month, and thousands of $$$ over the life of your loan.
Worth a shot right? Contact your favorite lender and ask them about an IRRL today.
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