There are many reasons to consider refinancing your mortgage loan. For example, you may have a 30-year mortgage term, and wish to condense it into a 15-year loan so that you can get your home paid for more quickly. Or, conversely, you may want to switch from a 15-year to a 30-year loan term, allowing yourself a little more freedom and flexibility with your cash flow. In other instances, the drive to refinance may come from switching an adjustable-rate to a fixed loan term, or vice versa.
The overwhelming majority of the time, though, borrowers choose to refinance so that they can get better rates and save money—period. Right now, interest rates are low, which makes it a good time to at least consider the prospect of refinancing. As you do so, we recommend you consider a type of loan called the VA IRRRL. It’s an option that Loan Fleet is proud to offer.
What is an IRRRL?
If you’re not familiar with it, here’s a crash course. This VA loan is more cumbersomely known as the Interest Rate Reduction Refinance Loan—and as its name suggests, it’s a type of VA loan that’s designed for those who want to refinance their mortgage in order to take advantage of the available rate reductions.
The big advantage is just that—reducing your interest rates—but there are some other factors we’d like to point out:
-If you have a FICO score of 680 or higher, you don’t have to provide any income verification, which means the paperwork for this loan is quite minimal, and the process is pretty smooth.
-Unlike a lot of VA loans, you don’t have to have any kind of property appraisal for this one.
-There are also options available for no money out-of-pocket requirements at closing.
Learn More About Reducing Your Rates Today
The bottom line: you can save money on your monthly loan payments, and the process may not be as challenging as you think. The only question is, are you eligible for this VA loan? The only way to find out is to give us a call. Reach out to Loan Fleet today, and let us show you the best way to get your mortgage costs down!