VA IRRRL (Interest Rate Reduction Refinance Loan)
Existing VA borrowers may have the ability to easily, and quickly refinance their home; all at a reduced, or possibly even zero cost!
- You may be able to refinance your VA loan with a lower interest rate and payment, even if you are under water. You may also be able to get out of (or in to) an adjustable rate mortgage. It’s up to you!
- All of this may be possible without increasing your loan amount AND you may even be able to avoid the typical loan processing times, or even having an appraisal done. Contact one of our licensed professionals for details.
Our super-fast VA IRRRL or Interest Rate Reduction Refinance Loan (sometimes called a VA Streamline) allows you to take advantage of a lower interest rate environment without the long and drawn-out process that is typical for qualifying for a home loan refinance.
Taking care of our veterans
- No mortgage insurance
- Severely REDUCED VA funding fee (you may even qualify for a funding fee exemption, speak with one of our licensed professionals for details)
Borrowers with the VA loan are not required to pay for mortgage insurance! If you are currently in a VA loan, you may be able to significantly better your financial situation. Even if your loan amount is higher than your home value.
Also, the VA funding fee for the VA IRRRL program is severely reduced, you may even be eligible to have your VA funding fee waived by the VA entirely!
Net Tangible Benefit
- The VA requires that in order to qualify for the VA IRRRL, the new loan must have a net tangible benefit. This ensures that the new loan must meet minimum government standards in order for the loan to close.
We are proud to offer this program, let us shop the interest rates and find you the loan that is right for you.
FINANCIAL DISCLOSURES: MakeWay Mortgage Inc. is a mortgage broker who is not an agency of the federal government, nor affiliated with your current lender. This is not a commitment to make a loan. All approvals are subject to underwriting guidelines and eligibility. Underwriting guidelines include but are not limited to: debt to income ratio, loan to value ratio, acceptable credit and or income history, property type, current homeowner’s insurance, equity position, property type, number of units, financial reserves, bank statements, financial statements or tax returns, insurance, occupancy type, number of financed properties, VA eligibility, COE and VA entitlement, rent history, taxes, etc. Call to secure your pricing today!