Too many people see a VA loan as a difficult burden. You deserve to know that this is completely false. At Benchmark, it is our passion to ensure the home buying process is a smooth transaction for our veterans. This is our promise:
“NO MORE will the veteran be taken advantage of. We have changed the way VA lending is done. We will always do right by the veteran and provide first-class service that ensures our veterans receive the American Dream of home ownership they deserve.”
VA IRRRL Loan
Interest Rate Reduction Loan
our American Heroes
An IRRRL, or Interest Rate Reduction Refinancing Loan, is a quick VA refinance option with fewer qualifications and less paperwork than other refinance loan options. It’s meant to be a quick and non-complicated refinance option for qualified VA homeowners, and there is no appraisal requirement. If you have an existing VA loan and are looking for a quick way to refinance at a lower rate or shorten the term of your mortgage, an IRRRL might be a great option for you.
To qualify for a IRRRL you must already have an existing VA loan you are looking to refinance. Approval is also very simple. No credit review is needed, making this one of the easiest refinance options available to VA homeowners.
With an IRRRL, you can potentially refinance at a lower interest rate than when your original VA loan was taken out. It gives existing VA homeowners like you a chance to take advantage of the current low interest rates. If you are looking to reduce your monthly mortgage payment this might be a great opportunity.
You can also shorten a 30-year mortgage to a 15-year mortgage when you refinance with an IRRRL. Be aware that your monthly payment will probably be larger when shortening the term of your mortgage. However, depending on your goals and financial situation, this might be an opportunity to cut your number of mortgage payments significantly. You can also switch from an existing ARM (adjustable-rate mortgage) to a new fixed-rate loan.
Benchmark Mortgage Southeast Partners | 100 Concourse Pkwy Suite 130 | Hoover AL 35244 | 205.994.6052
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