What A IRRRL Refi Meant To A Deserving Veteran
Many of our veterans don't know about this fantastic loan program to help you refinance.
Many Veterans don't know about a VA loan, let alone an Interest Rate Reduction Refinancing Loan (IRRRL). Neither did our client.
He had been talking to the wrong lender. As an active-duty service member, he was looking to reduce his interest rate and lower his monthly payment. The lender was looking to move him away from his VA loan to a conventional loan because he had built some equity in the house. Fortunately, one of his buddies referred him to us.
Our veteran came to Gardner Mortgage Group looking to refinance. He had built some equity in the home and was hoping to qualify for a conventional mortgage after talking to a previous lender. Little did he know he had a much better option.
We introduced him to the Interest Rate Reduction Refinancing Loan (IRRRL). IRRRLs are a streamlined VA to VA loan. These loans are typically used to reduce the borrower's interest rate or to convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
These loans are ideal for service members and veterans because no appraisal or credit underwriting package is required by the VA. You should be aware, however, that lenders may require an appraisal and credit report anyway. Also, a certificate of eligibility is not required. Your lender can use the VA’s e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.
Our client was able to refinance quickly and easily after he found the right loan type for him.
If you need someone to talk to, give us a call (813) 679-9117. Or start your application. There is never an obligation to get a loan. We just want to help you understand your options. Click here to start your application today.
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Carole Gardner
Whether you’re a first-time homebuyer, looking to trade up, deciding to downsize, or simply wishing for a change, Carole can help you before you ever make an offer on a property. You can count on Carole to review your budget, income, and savings with you, helping you get a clear picture of what type and amount of loan is realistic.
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Carole Gardner NMLS #374313 | Innovative Mortgage Services, Inc. NMLS #250769 - NMLS Consumer Access / Legal Disclaimer - This information is not intended to be an indication of loan qualification, loan approval, or commitment to lend.
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