Are you a veteran currently holding a VA loan on your mortgage?
If so, now could be the perfect time to save a ton of money by using the IRRL program exclusively designed for US veterans.
What is IRRL?
IRRL is the "Interest Rate Reduction Loan" program.
This program allows you, the veteran, to easily lower your interest rate thus lowering your monthly housing bill substantially...
Plus the rules of the program make it easy to qualify for... but only if you are a veteran or active serviceman or woman.
Here are 4 key features that make this program easy and possible for many Vets to save money:
1) You will need no appraisal on your current home
2) All closing costs can be rolled into the new loan
3) You will not need to present bank statements, pay stubs or even prove employment
4) No minimum FICO score to qualify
How much can you save?
Potentially tens of thousands over the life of your loan. Consider your current mortgage for example:
If your current mortgage is based on a loan of $200,000 at 6.5% interest rate for thirty years, your monthly housing bill (principal and interest) is $1,264. If you've lived in the home for 3 years you would owe $192,602, so this is how much you would need to refinance. It's not uncommon for the IRRL program to drop your interest rate 1 full point to 5.5%, which puts your new monthly bill at $1,093 or a savings of $171 a month.
Who couldn't use the extra money?! So why not look into this exciting IRRL program if you are a veteran? It makes no sense to pay extra money on a mortgage when you don't need to, especially when the process is so easy.