As interest rates reach record lows, refinancing may be an option that’s attractive to you to take advantage of as an eligible veteran. Refinancing your current loan can mean lowering your current monthly payment or getting cashout to reinvest back in your home to improve its value.
Otherwise known as an IRRRL, or Interest Rate Reduction Refinancing Loan, a VA streamline refinance is the VA version of what is a normal refinance for other home loans. For these types of loans, a certificate of eligibility is not required.
VA rules state that the longest period for a IRRL refinance is the original term of the VA Home loan, plus ten years, with the restriction that the loan can’t be any longer than 30 years and 32 days. These IRRL loans replace the formatting of the original loan as the first lien on the property. Because of this, there is no confusion with overlapping loans and a rather straightforward process towards a refinancing option for your VA home loan.
VA refinance loans are perfect for those looking to lower their monthly payments. Why not? Rates are at all time lows so it frequently behooves many vets to take advantage of the differential gap between their original home loan and their IRRRL rate to get the best possible monthly rate on their home loan. Wouldn’t you rather spend that money on vacation, investing or something else? You should be.
VA Home Loans.net has experienced lenders standing by who will let you know your benefits, how much money you can save, and can also help with any other additional questions you might have on the VA IRRL refinance program. By filling out the quote form above, we can get you started on a better loan immediately and towards a better and more healthy financial future. Get started today!