VA Internal Rate Reduction Refinance Loans
Our VA Low/No Cost IRRRL fixed rate of 4.250% (4.462% APR)* is near a record low.
If the interest rate on your current VA loan is 4.750% or higher then it is a good time for you to refinance.
What is a VA IRRRL Mortgage?
A VA IRRRL is similar to the FHA Streamline Loan. It is a refinance loan that is designed to lower your monthly payments on your current VA loan without the hassle of an appraisal. It is also designed to be much easier as it does not usually require the same extent of documentation that a regular VA refinance does. For this loan to work, it must lower your interest rate. Although there is no rule on the amount it must lower the rate, Granite Mortgage usually feels an IRRRL is beneficial if it lowers your rate by at least 3/8 percent.
Is VA IRRRL Right for you?
- Is your current VA loan rate 4.750% or higher?
If the rate on your current VA Loan is 4.750% or higher, then it is a good time for you to look at this loan.
- Do you have a 15 year loan and are having trouble making the payments?
If so, you may consider changing to a 30 year loan to lower your payments. If the rate on your current 15 year loan is 4.500% or higher, then you could lower your payments by as much as 40% by switching to a 30 year loan!
Special Consideration for Disabled Veterans
- VA Funding Fee is Waived. Most disabled Veterans do not have to pay the "Funding Fee" associated with a VA Loan. Your Certificate of Eligibility will indicate your status. If your disability claim is dated prior to the loan closing but you have not yet begun receiving disability benefits, you will not get the Funding Fee waived. If after you close your loan your disability benefits are approved, you may be eligible for a Funding Fee refund.
- Specially Adapted Housing Grants Are Available. A disabled veteran may be able to purchase a home with a VA loan, but if the home also needs accessibility modifications, the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant may be available to help.
- There May Be Tax Exemptions and Credits. Many municipalities offer reduced property taxes to disabled veterans, contact the VA for more information. You may also be eligible for a Mortgage Credit Certificate (MCC), contact your State's Tax Commission to find out if you qualify.
- Disability Payments Can Help You Get a VA Loan. If you are receiving Disability Payments, these payments can be counted as income and in some cases are allowed to be "grossed up" because they are usually tax exempt. This can sometimes dramatically increase your borrowing power.
Why Trust Granite With Your Mortgage?
We have the experience, very competitive rates and NO added Lender Fees! Don't be fooled by others that claim low fees, most of them are giving you a higher rate to make up the difference. We are VA EXPERTS. Click here to read more about Brokers versus Lenders and how rates, pricing and service differ. Granite Mortgage, L.L.C. is a VA agent authorized to originate and process loans on the behalf of the Department of Veterans Affairs.
Use the request to contact us for a free, no obligation quote.
* Rates and APR figures based on Loan Assumptions found on our Rates page