Interest rates have moved to the lowest levels in almost two years as many homeowners have already moved to save tens of thousands of dollars per month over the life of their loan by lowering their payments or building up equity more quickly.

Still others have hesitated because they are concerned they may not qualify for a mortgage or the paperwork will be overwhelming.   As a homeowner with a present VA mortgage, as long as you have a good mortgage repayment history, you don’t have to worry about either factor.

VA offers a streamlined refinance program – the Interest Rate Reduction Refinance Loan (IRRRL) – which will enable those with current VA mortgages to take advantage of lower interest rates with —

• NO appraisal required – An appraisal may be required in some circumstances.
• NO income verification required
• NO mortgage insurance required
• NO out-of-pocket closing costs required
• NO full credit check required – The check will be a mortgage payment history and credit score only.

VA even offers a reduced funding fee of 0.5% of the loan amount and veterans who are receiving VA disability may be eligible to have the funding fee waived.

This program is available only for those who have VA mortgages on their current home.

There is no telling how long these low rates will last.  And with this streamlined refinance program, there is no reason to wait. Finding out how much you might benefit takes only a few minutes and costs nothing…just contact me.   Hesitating could cost you tens of thousands of dollars, so why wait?

*Not a commitment to lend.  Program guidelines subject to change.