VA Interest Rate Reduction Refinance Loan (IRRRL)

When it comes to easy, reliable and fast refinances nothing can even come close to the IRRRL refinance loan.  There are a lot of other options out there to process your refinance, but wouldn’t you rather have a quick and easy process with as little documentation as possible, as opposed to longer, drawn out, document chasing option? IRRRL stands for Interest Rate Reduction Refinance Loan. If you are looking to lower your monthly payment and current interest there is no better option out there for you. People who can benefit from an IRRRL are veterans who are currently on a VA loan. Worried you won’t qualify? Well, don’t worry! With this option, refinances can be completed with a very basic credit check, no appraisal, and with minimal personal documentation. By minimal documents I mean in most cases 4-5 documents such as: mortgage note, homeowner’s insurance, current mortgage statement, photo ID, social security card and HOA statement (if applicable). The only thing you may not be familiar with is a mortgage note which can be found in the original loan documents you’ve probably stashed away somewhere and not looked at since you purchased your home, or your last refinance. How easy is that? Still worried about the basic credit check? Well how does a minimal check of just mortgage payments in the last 12 months sound? That’s right, no late payments in the last 12 months, you’re qualified! Even if you have a late payment or 2 in the last 12 months all hope is not lost as we can still qualify you!

With those documents and checks a qualified borrower can be started and finished with the process in less than a month and in some cases even in 3 weeks. This is depending on the holidays in the month and borrowers capability to provide all requested documents during the process. We can start your application today with little personal information and the documents previous listed we can get you an easy to understand loan estimate.  After that, and a few signatures, a lower interest rate and more money each month can be yours. So ask yourself: Would you like to save boat loads of money by lowering your interest rate and monthly payments with a simple, quick, low cost IRRRL?  Unless you’re a Kardashian, then I imagine your answer is YES! So why wait? Start the process now!