VA STREAMLINE (IRRRL)
The VA streamline refinance, also known as an interest rate reduction refinance loan (IRRRL), allows you to refinance your current loan for a better rate. The VA benefit puts Veterans and surviving spouses in a better financial situation by allowing them to refinance an existing VA mortgage with limited closing costs. This is helpful for lowering interest rates, principal reductions, and changing loan terms (going from a 30 year to 15-year mortgage, or from and ARM to a fixed rate.) There is a lot of information about these loans and our VA loan specialists can help you understand exactly how to get the best rates.
- Must wait 210 days after funding to be allowed to do an IRRRL.
- Your allowed up to $500 cash back at closing.
- You can also miss 2 months house payments (missed payments financed into new loan)
- Receive current escrow as a refund (setting up escrow again can all be financed)
- Missed payment and escrow along with the $500 can be used as a Minnie cash out to pay off other debts.
- No out-of-pocket cash to close (everything is allowed to be financed)
- No appraisal required.
- Your allowed to wave escrow. (You can pay your own taxes and insurance making the interest verses the bank sitting on that money
- Lower you monthly payments.
- put that money towards other debts every month.
- keep paying the same amount and pay more towards principle every month to pay the house off faster.
- Creekside Mortgage is a broker so we can look at many banks to see the option that fits your needs best.
- you have the ability to pick any term you wish 27 year, 25 years, 22 years or whatever your timetable wishes.
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