The lowest VA refinance rates in history
No out-of-pocket costs. Save thousands.
It’s never been easier to refinance your existing VA loan. The VA Streamline Refinance (VA IRRL) allows those eligible VA loans to take advantage of these historically low rates.
VA Streamline (IRRL) Refinance Make it Simple
This refers to a VA refinance where you are only looking to lower your interest rate, payment or to change the term of your loan (from 15 year to 30 year or from 30 year to 15 year). This can be extremely easy with very little paperwork or time.
Some benefits of the VA Streamline Refinance:
- No appraisal requirement* (depends on the lender you are with now)
- Reduced credit score standards
- No disclosure of income or assets
- No out of pocket closing costs
- Opportunity to skip a months mortgage payments
- Cash refund of current escrow balance
How to lower your monthly payments
VA loan rates have fallen to levels our country has not seen in years. If your current loan rate is higher than 4.5% then you can benefit from refinancing.
A 1% reduction reduction or more in rate can save you from $100 to $500 per month with no out of pocket expenses.
VA Tips and Things to Know
If you are an active-duty member or former personnel, you will have a great advantage when it comes to applying for a loan or refinancing your mortgage. Here are a few things to keep in mind when thinking about your home and the options you have.
While there are Cash Out and Streamline Refinance choices there is also the VA debt consolidation options. While similar to the Cash Out Refinance option, the VA debt consolidation allows those who have enough equity in their home to refinance into a larger VA Home Loan in order to pay off debts. When doing this, the borrowers often reduce their rates and overall monthly payments.
Those Veterans who qualify for VA Cash Out Refinance can use the funds to make home improvements. It can be done with a low interest rate obtained through a VA Home Loan. In addition, the VA Mortgage known as the Energy Efficient Mortgage (EEM, provides funds for improvements to make the home more energy efficient. However, when considering the EEM, keep in mind that the improvements must result in cost savings over time and have to be documented by a Home Energy Rating System.
Interested in working with a VA Refinance Specialist on a VA Refinance? Get the process started now with just a few questions: (505) 280-8959
