Thanks Samuel, talk soon! If you’re wondering if it’s the right choice for you, you’ll want to evaluate both carefully. Once I receive it I will structure it and give you a call to discuss. A VA streamline refinance loan or IRRRL is an option to consider if you’re looking for a way to reduce your monthly mortgage payment. There are also advantages for veterans who want to refinance their VA Loan. The VA charges 0.5% of your loan amount for the new loan as a funding fee. If you would like to see what rates are on a 15 year and get an idea of your new payment and how much money you will save over the life of the loan feel free to call us at 855-956-4040. Further, you may not remove, obscure, or otherwise modify any copyright, trademark, confidentiality or other proprietary rights notices displayed on, embedded in, or otherwise appearing in any Content offered by, viewed on, or received through this site. If you would like to speak with a VA mortgage expert about the IRRRL program pros and cons … IRRRL Program Pros and Conshttps://www.nationalvaloans.comAre you thinking about refinancing your current VA home loan? Regardless of which title you prefer, this form of refinancing is designed to offer borrowers who used a VA loan an easy way to refinance into a new VA loan. San Diego's #1 VA IRRRL Streamline Refinance Home Loan Pros & Cons in 2021 Including - No PMI, a Quick Process, and No Need of Your COE, and More! Some of  these benefits come hand in hand with it simply because it is a “streamline”. VA Loans are backed by the Veterans Administration and can be bought with little or no money down. For this type of refinance, the home must be the principal place of residence; so investors who buy homes to rent do not qualify. Only one offer per loan transaction is available, and savings cannot be combined with any other offer. National VA Loans is dedicated to helping veterans and military service members get a great mortgage. ***Ranked by Marketrac® for purchase units nationally for Jan.-Dec. 2012-2017. Alternately, you might want to get rid of private mortgage insurance or change from an adjustable-rate loan to a fixed-rate loan or vice versa. We have 21 yrs left on our VA loan. Pros and cons of a VA streamline refinance. Savings only applies to direct originations made by PrimeLending for first mortgage purchase or refinance transactions, and is not available on loans obtained through mortgage brokers. Although the VA mortgages are guaranteed by the VA Department, the loan does not come directly from the VA … Would like to know if all of these documents required, and if The Federal Savings Bank is a real company? We work diligently to help every customer identify the best loan product for their housing goals, and we’re always delighted to serve those who have served. It’s formally known as the Interest Rate Reduction Refinance loan, or IRRRL, and commonly referred to as a VA-to-VA loan. In the article below we will point out the pros and cons of the VA loan. When would be a good time for us to chat for a few minutes? If I work with National VA Loans would you require all of this info? Disadvantages of a VA Loan Refinance. Like any form of financing, the VA streamline refinance has both pros and cons. In this article, we will explore the IRRRL program pros and cons. Different factors determine if a person can qualify for the loan. You may not use, display or reproduce them without the prior written consent of PrimeLending. In fact, I am doing a number of IRRRL’s just like that. To sum up, let’s review the VA streamline refinance pros and cons we’ve laid out in this article. If I do an IRRRL Refinancing on my house, will this be able to free up my VA COE letter so that I can use it for another home while I try to sell the original house? Pros and cons of a debt consolidation mortgage Debt consolidation can be a smart way to get out of debt faster. National VA Loans is Powered by Community First National Bank. Is the VA IRRRL … There really aren’t too many cons to the IRRRL. It is amazing how much more or your payment goes to principal instead of interest when you reduce the term even as little as 15 years. The Cons of the VA IRRRL. VA net tangible benefit (NTB) test. Cons of VA Loans A lender told me that you cannot reduce the number of years on a VA loan to less than it would have been and said we would have to get a loan with a longer repayment period (20 or 30 years). Rates are extremely low so you can save money and not lose any ground from the payments you’ve already made. The net tangible benefit test is required on many refinance … Shaving the interest rate is the first step for sure! I would like to pay off my house in under 10 years. *All lender closing costs such as origination, processing, underwriting, and closing will be waived, borrower is still responsible for third party fees such as VA funding fee, title, and appraisal etc. I purshased my current home in July 2020, and I do meet all of the VA IRRRL requirements. There are a lot of benefits associated with the VA IRRRL program. The Streamline refinance, also known as the Interest Rate Reduction Refinance Loan (IRRRL), is for homeowners with existing VA loans. Like any form of financing, the VA streamline refinance has both pros and cons. Thanks. This website is not intended to offer loan services for properties in New York. **Survey administered and managed by an independent third party following loan closing. There are many advantages that come with the IRRRL, and there are also a handful of downsides. It is a streamlined process that does not require an appraisal or income documentation. Contact us today to learn more about a VA streamline refinance and other refinancing possibilities. VA IRRRL Benefits Lower your interest rate or get a fixed monthly payment The VA streamline refinance … PRIMELENDING A PLAINSCAPITAL COMPANY®, HOME LOANS MADE SIMPLESM, NEIGHBORHOODEDGESM and LOANTELLIGENCESM are trademarks, service marks, or registered trademarks or service marks of PrimeLending, a Plains Capital Company. Thank you for your service and have a great weekend! The IRRRL is also known as the streamline refinance. The most important pros and cons you should … You may want to get a lower interest rate or change your loan term. With no credit check or employment verification required, it’s relatively easy to qualify compared to a traditional refinance. This doesn’t make sense to us, help? But VA loans and USDA loans also have a streamline refinance program. Thanks again for the question. With VA IRRRL, could I qualify moving from a 20-year VA refi to a much lower rate 15-year VA IRRRL, even if the new payment is higher? Perhaps the easiest way to refinance a VA Loan is with an Interest Rate Reduction Refinancing Loan (IRRRL), or a VA Streamline Refinance. ... VA Streamline Refinance Pros & Cons. The application, credit check, and appraisal … Douglas, thank you for the question. You might be interested in cashing in some of your equity or buying out someone who’s currently on the deed. I would also like to show you a number of ways to reach your goal of paying your house off quicker. Could a VA streamline refinance help you reach your goals? IRRRL stands for Interest Rate Reduction Refinance Loan. The VA offers two refinance: the VA cash-out refinance and the IRRRL. In other words, I need the VA to guarantee up to my full COE for the new house and due to me being under the present loan that I am under, I don’t have access to 100% of the COE. I want to know if we decide to refinance, do I have to start over at 30-years or where I’m at now? You can reach me at 855-956-4040. The IRRRL does not require the lender to run another credit report to assess the mortgage … If I don’t have to start over, will I still be able to get a lower payment? NMLS ID 449196. Most consumers must qualify for their first VA loan before they can become eligible for this additional service. Send me an email and I'll get back to you, as soon as possible. Borrower must lock their loan before 12/31/20. But if you slip up after taking out a mortgage refinance, the potential risks are high. All other trademarks identified and contained herein are the property of their respective owners and their use herein does not imply sponsorship or endorsement of their products or services. Also known as a VA Streamline Refinance, the IRRRL allows you to refinance your existing mortgage without having to re-qualify for your loan. 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