Did you know that if you have an existing VA loan, you may be eligible for a lower rate or better long-term financing with a VA IRRRL? This non-conventional refinancing option is an “interest rate reduction refinancing loan,” sometimes also known as a VA streamline refinance. Approval is easy when it comes to VA IRRRL. Let the mortgage professionals at AIM Financial show you what you could save with this government-backed refinancing option. We work with clients in Middleville, Grand Rapids, Wyoming, Sparta, Caledonia, Kentwood, and nearby Michigan. Contact us to get started.
The Benefits of a VA IRRRL Loan
Like original VA loans, VA interest rate reduction refinancing loans are fully funded through private lenders and insured through the U.S. Department of Veterans Affairs. Refinancing these non-conventional loans should either lower a borrower’s monthly premium or save money long-term by changing an adjustable-rate mortgage to a fixed-rate mortgage. We offer 15-to-30-year fixed rate VA IRRRL options.
VA IRRRL loans do not require a home appraisal or credit underwriting process, which results in a faster and more affordable refinancing process than conventional refinance. In many cases, IRRRL may be conducted without no money out of pocket from the borrower. Instead, we can include closing costs within the loan.
Eligibility for a VA IRRRL Loan
You can work with any VA-approved lender to apply for a VA IRRRL. Because you must have already been approved through the VA for your original VA loan, very little underwriting must be done to secure a new loan. The same people who qualify for VA loans are eligible for VA Streamline refinancing, including:
- Most veterans
- Active-duty servicemembers
- Current reservists and National Guard members who have served a certain amount of time
- Surviving spouses of certain veterans and servicemembers
- Certain other individuals who have aided the US government in certain non-military organizations
While you must obtain a Certificate of Excellence (COE) to originate a VA loan, you do not require a new one for refinancing. This refinancing package uses your existing VA entitlement, which is the amount that the federal government agrees to insure for your home loan.
Getting a Competitive Rate is Easy with VA IRRRL
At AIM Financial, we are proud to serve veterans, service members and their families with home financing. A competitive rate may be waiting for you with a VA IRRRL loan. If you have purchased a home with a VA loan in Middleville, Grand Rapids, Wyoming, Sparta, Caledonia, Kentwood, and surrounding Michigan, we have the expertise you need. Contact AIM Financial today with any questions.