Use The VA IRRRL Mortgage Loan
Refinance your VA loan the easy way — via the program’s streamlined refinance option.
Officially named the Interest Rate Reduction Refinance Loan (IRRRL), but often called the “VA Streamline Refinance“, the IRRRL waives the typical verifications required with a refinance, including checks of credit score, income and debts, and history of employment.
The Department of Veterans Affairs relies on mortgage payment history to determine a homeowner’s eligibility instead.
So, if you’ve paid your mortgage on-time for the last 12 months, and you’ll reduce your monthly payment via a refinance, it’s likely you’ll qualify for the VA IRRRL.
And, because VA mortgage rates are typically 30 basis points (0.30%) below comparable conventional mortgage rates, reducing your monthly payment may be easier and closer than you think.
Today’s VA mortgage rates are near their lowest levels in history.
Read Full Article at TheMortgageReports.com >>>>
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