What is a VA IRRRL streamline?
VA Interest Rate Reduction Refinance Loan - Streamline
A VA streamline refinance provides a simple and straightforward way for eligible VA borrowers to save substantially every month and over the lifetime of their home loans. As a borrower, you are simply moving from one VA home loan, to another VA mortgage product that has a lower interest rate.
Uniform Services Veterans Mortgage is here to ensure that you receive the best possible interest rate refinancing loan program and terms for your unique circumstance. By achieving an interest rate that is at least half a percentage point lower, we can help you save thousands over the long-term.
VA IRRRL Things to Consider
- The VA IRRRL does not allow borrowers to receive cash back. If you would like to take cash out using your VA mortgage, you would want to consider a VA Cash-Out Refinance Loan, which our agents can go over with you in detail.
- When using the VA Streamline refinancing option, you can change to or from a fixed-rate or adjustable rate loan. Remember that if you choose an adjustable rate VA mortgage, your monthly payments could become higher.
- Because you are switching from one VA mortgage product to another, there are few requirements. However, the eligible VA borrower may have to certify that he or she has previously or is currently residing at the property being refinanced.
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Interested in an IRRRL?
If you already have a VA Mortgage and would like to streamline your refinance to lower your mortgage interest rate then we would be more than happy to assist. Please call us at 888-997-8786 to see how we may assist.