Interest Rate Reduction Refinancing Loans Georgetown Mortgage

Georgetown Mortgage Hears Your Concerns


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Interest Rate Reduction Refinancing Loans

Every Veteran of the U.S. military feels great after they’ve closed their VA mortgage loan. Chances are you didn’t worry too much about your higher interest rate. Your goal at the time was to buy your dream home. More than likely, you felt much like a winner on your escrow day. You landed the home of your dreams.

Then, when more bills start rolling in, you wish your VA loan had a lower interest rate. That extra cash would help you keep more of your hard-earned income to support your financial well-being.

Georgetown Mortgage professionals can help you regain income flexibility by refinancing your VA loan to an Interest Rate Reduction Refinancing Loan, also known as a Streamline or VA-to-VA Refinance.

The VA Interest Rate Reduction Refinancing Loan (IRRRL) reduces your mortgage interest rate by refinancing your existing VA home loan. In turn, your monthly mortgage payment should go lower, too.

When Interest Rate Reduction Refinancing Makes Sense

Georgetown Mortgage is ready and waiting to help you streamline your VA refinance. To get you thinking, consider Georgetown Mortgage’s Streamline qualifications for a glimpse of how you may fit:

  • Must have a VA loan for the property you want to refinance.
  • Must certify that you previously occupied the home OR be currently residing in the property as your primary residence.
  • Loan limited to the sum of the outstanding balance on your existing VA loan, plus the allowable fees and closing costs.
  • Must be current on your existing loan; cannot have more than one 30-day late payment in the last 12 months.

A great Streamline VA feature to mention: you have the option for all refinancing costs to be built into the new loan amount. This can reduce or eliminate the burden of out-of-pocket expenses.

Restrictions to consider:

  • Cash-outs are not available under the IRRRL program.
  • The new loan interest rate must be lower than the existing loan interest rate, unless you refinance an adjustable-rate mortgage to a fixed rate mortgage (which adds a layer of financial stability for you).
  • VA funding fees may apply.

Typically, the IRRRL program will have reduced paperwork, compared to your original VA loan, making the process as seamless as possible. Consult with an experienced Georgetown Mortgage loan officer to ensure that the VA IRRRL is the best option for you.


Let's get started

Within a few minutes you will get personalized recommendation on your monthly payment and how much home you can afford.

|
OR
|

Talk to our experts

Fill out this short form and one of our Home Loan experts will contact you right away!
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