VA IRRRL: Less Hassle, Huge Savings - Future Home Loans
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VA IRRRL: Less Hassle, Huge Savings

Are you a Veteran?  Do you currently have a VA-backed home loan in Florida? Would you like to reduce your monthly mortgage payments? Then an Interest Rate Reduction Refinance Loan (VA IRRRL) may be for you!  This streamlined, refinancing process allows VA borrowers to reduce their monthly mortgage payments, by replacing their current VA-backed  mortgage with a new one on different terms (and allows you to take advantage of the current low rates!).


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What exactly is a VA IRRRL, or VA Streamline Refinance? 

A VA Interest Rate Refinance Loan – or IRRRL (pronounced “Earl” in your best southern accent) – is for borrowers that have an existing VA-backed home loan and are looking to lock in a more secure monthly payment or lower monthly mortgage payment rate. It is often called a “VA streamline refinance” because the lending approval process is shortened. 

How would an IRRRL benefit me?

  • “VA Streamline”: lending process is swift, and reduced greatly.
  • Historically low rates, within 2.25%-2.375% for VA! 
  • Does not require an appraisal.
  • Does not go through the typical VA lender underwriting process. That saves a lot of time,  paperwork, and fees (more money in your pocket!).
  • Fast closings, with our “clear to close” on average 16 days.
  • Less hassle and paperwork: convert from an adjustable rate mortgage to a fixed-rate mortgage. 

What about restrictions and qualifications?

It will need to be made sure that the loan is within the limits, and that your current mortgage will qualify for an IRRRL. The VA is adamant that a refinance must offer a real financial benefit – whether that means you have a reduced interest rate, or reduced monthly payment. You also must refinance from a current VA-backed mortgage. If you are not currently paying down a VA mortgage, you will not qualify for a VA IRRRL. 

What are the closing costs and fees? 

While refinancing can provide you with long-term financial benefits, there are fees to be expected at closing. For the majority of VA borrowers, there will be a 0.5 percent funding fee. A funding fee is a one-time payment paid out by the borrower on VA-backed or VA direct home loan. Because VA mortgages do not require down payments or monthly mortgage insurance, this fee helps to lower the cost of the loan for U.S. taxpayers. There are circumstances that this fee can be waived, and we recommend that you discuss those with your respective lender. While closing costs and fees vary by lender, with a VA IRRRL, you can finance those costs as well.

Let’s get started.

Ready to refinance, but unsure where to start? The Conquest program is exclusive to mortgage brokers, meaning no bank, retail lender, or even credit union can offer these rates to home buyers or those ready to refinance. Ready to get started, and looking for a mortgage lender in Florida, that offers these exclusive Conquest rock-bottom rates? Look no further than Future Home Loans! Located in Duval County, Florida, Future Home Loans is ready to move you forward with rates as low as 2.25-2.375% on VA IRRRL’s.

Copyright© 2024 Future Financial LLC DBA Future Home Loans. NMLS#1621953. 904.494.6000. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Future Home Loans is not affiliated with any government agencies. Information contained in this email may include links or references to third-party resources or content. Future Home Loans does not endorse or guarantee the accuracy of this third-party information. If you follow these links, you will be linking to a third party website not operated by Future Home Loans. We are not responsible for the content of that website, and its privacy and security policies may differ from those practiced by Future Home Loans. Click here for licensing.

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