Right now, the U.S. Department of
Veteran’s Affairs has some great news for Vets who would like to refinance their
mortgage loans. If you are currently an active service member or are a prior
military veteran, you can refinance your mortgage and make use of the lower
interest rates that are now being offered.
The best part is that you can get
100% of your mortgage refinanced, and you can do it with no out-of-pocket
expenses.
What
Do I Need?
If you already have a VA loan on
your home, you can take advantage of this refinancing without another
Certificate of Eligibility. You may need another credit check because the
lender wants to be sure that you are still credit worthy.
There may also be another appraisal
to be sure that your home still has a similar market value. You will need to
provide proof that you are the occupant of the property or that you previously
occupied it. As you can see, these requirements make this program a little bit
different from other refinance programs.
What
Does IRRRL Stand For?
IRRRL stands for Interest Rate
Reduction Refinance Loan. You may have read somewhere that these loans are also
referred to as a “Streamline” or “VA to VA” loan. You do not have to go to any
special lender to get an IRRRL.
You don’t even have to go to the
lender you currently finance your home through. Indigo Mortgage is pleased to
be a part of this 100% refinance program so we would be happy to assist you
with this refinance opportunity.
Can
I Add Home Improvement Money to My Refinance?
Yes, but you can only add up to
$6,000 and this must be applied to energy efficiency improvements. If you are
wondering what the maximum amount that can be refinanced, the answer is that
the loan may not exceed the sum of the outstanding balance on the existing VA
loan, plus allowable fees and closing costs, including funding fee and up to
two discount points. The improvement amount allowed is then above these
amounts.
Where
Can I Get Assistance?
You can get further information from
the website for Veterans’ Affairs or you can give Indigo Mortgage a call and get the details
from us. We value our veterans’ service and hope that we can make your
refinance simple and smooth. Check our website for information of refinancing
or for information on first-time loans.
On the Loan Center page, click on
one of the links to get a list of documents you will need for various types of
mortgage loans. Talk to one of our loan officers if you still have questions.
Let us, at Indigo Mortgage, help you
take care of your refinance or your first-time purchase.
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