For those fortunate enough to have a VA loan in Broward County, you already know the benefits you’ve earned as part of the original G.I. Bill. Your VA loan required zero down although you could have put as much down as you wanted, the veteran’s closing costs are lower when compared to other loans while still getting competitive interest rates. But when it comes to refinancing a VA mortgage loan the process is the same as when you first used your VA entitlement?
For the most part. But being this is a government-backed loan you can expect a couple of quirks. First, technically it’s not a VA refinance according to the Department of Veterans Affairs. Instead it’s known as an IRRRL. That stands for “Interest Rate Reduction Refinance Loan.” Sometimes this is also known as a VA “Streamline” refinance.
A VA refinance loan replaces your current VA loan with another one. You don’t use up any eligibility by refinancing and if your interest rate is being reduced and there’s a tangible benefit to refinance your VA loan then the Department of Veterans Affairs thinks a refinance is in your best interest. Interest rates are currently at their lowest levels in 2020, it may be a good time to take a closer look at refinancing.
First contact us by submitting the short request form on the right side of this page. We will first review your current loan and see if a VA refinance makes sense. You may also roll your closing costs into your loan amount which means, unlike your original VA purchase loan, you can come to the table with little to no cash!
No need to be concerned if you are underwater (upside down) on your current loan. The VA streamline IRRRL allows for unlimited loan to value, no appraisal. If you’ve been current on your VA loan and have been considering a VA refinance in Broward, Volusia or Flagler County then give us a call at ph: 800-743-7556 and let us help determine if a VA refinance is in your “best interest.”
VA Mortgage Hub is Florida’s leading 100% VA loan resource serving you 7 days a week. Questions? Please call us at ph: 800-743-7556 or just submit the quick Info Request Form on this page and a VA loan specialist will contact you.
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