Mortgage Advice

How Veterans Can Benefit from the VA Home Loan Refinance

September 16, 2019

Veterans may have been receiving mail offering to refinance their VA home loan using the VA’s Interest Rate Reduction Refinance Loan (IRRRL). While many of these mailers include ambiguous language that’s often too good to be true, I can assure you that this is a real program with great perks—as a veteran, I have taken advantage of it myself.

With mortgage interest rates trending lower, now is the perfect time to take advantage. If your 30-year rate is above 4.5%, there is a very good chance that you could save thousands of dollars over the term of your loan by refinancing through the IRRRL.

The Real Deal

Veterans are right to be leery about the mail getting delivered to their home, as many of the companies sending them out use shady tactics to encourage action. But these predatory practices should not dissuade you from leveraging this benefit. Instead, you should work with a mortgage lender you can trust to explain the program’s benefits and whether or not it makes sense to apply.

The bulk of what I do at Ross Mortgage involves helping veterans better understand and apply for the VA loan. I come from the same background of the people I work with, which helps make the experience that much smoother.

Highlights of the program include:

  • No appraisal or underwriting required, meaning no W2, paystubs or tax returns are needed
  • No money out of pocket required, with closing costs and new escrows account able to be rolled into the new loan
  • No Certificate of Eligibility (COE) is needed
  • Reduced closing costs because appraisal is not required, and veterans may not be charged origination fees
  • Reduced Funding Fee of .5%, which can be financed
  • Perfect for switching from an adjustable rate mortgage (ARM) to a fixed rate

The VA Interest Rate Reduction Refinance Loan is absolutely real, and much easier for veterans to obtain than a traditional mortgage. I highly recommend you take advantage now, while the environment is right—it could save you dozens, if not hundreds, per month, and thousands more in the long run.

If you’re a Veteran interested in learning more about the benefits of a VA home loan refinance, send us a message and a Ross Mortgage representative will provide you with the expert guidance you need.