The VA IRRRL Mortgage Loan -The Easiest Way for Home Loan Refinancing

The Interest Rate Reduction Loan or the IRRRL of the U.S Department of Veteran Affairs (VA), also called the VA streamline refinance, is probably the easiest and the most convenient way to get a mortgage loan refinanced. If you are a US war veteran, then you can refinance your home loan by getting the IRRRL VA Loan. The IRRRL does not need you to go through typical verification processes like checking of credit score, employment history and income and debts. All the VA needs is your mortgage payment history. So, if you have made on-time mortgage payments for the previous 12 months, it is highly probable that you would qualify for a VA streamline refinance.

VA mortgage rates are usually around 30 basis points or about 0.30% lower than conventional interest rates. Today VA interest rates are almost at their lowest levels ever.

What is a VA Loan?

The U.S Department of Veteran Affairs (VA) has a loan guaranty program under which it guarantees the loan taken by a US veteran or his/her spouse or a military personnel currently in active service. The program was created as a part of the G.I. Bill, in 1944. The VA Loan was intended to make home ownership easy for people who have served their country and it has become successful in doing that. Ever since its inception, as many as 21 million veterans and active military personnel has reaped the benefits of this scheme.

Advantages of getting a VA refinance loan

There are quite a number of advantages of getting a VA loan or a VA refinance loan. Some of the major advantages of getting a VA loan are:-

• Zero Down-Payment - In case of conventional loans, you would have to pay at least 3% of the sum as a down payment. However, in case of VA loans, you don’t have to make any down payments.
• No Private Mortgage Insurance - A VA loan does not require you to pay any additional amount for Private Mortgage Insurance.
• Complete Financing- You would get as much as 100% financing for your home under the VA loan guaranty scheme.
• ‘Assumable’ Interest Rate-The rate of interest can be assumed. This means you can sell your house and the new owners who are eligible would assume the interest rate.

Getting Expert Help

If you want to apply for IRRRL VA and you are confused how to go about it, then don’t worry! Nowadays, you can avail the services of a leading VA loan consultant who would use their expertise in the field to make the entire process a whole lot easier for you. They would help you with all the documentation and other procedures so that you know what to do. They would put in a remarkable level of effort at each step of the process, so that you don’t have to go through any tedious process.

If you have any problem which you think might prevent from getting qualified, you should speak to them about it. They might know a solution to the problem and get you qualified. So, if you want to reduce the burden of your home mortgage loan, then get a IRRRL with the help of the top VA loan specialists in the US and make your dreams come true!