VA IRRRL – VA loan refinance

VA IRRRL – VA loan refinance

January 28, 2020 1 By Sebastian Fry


Do you know what a VA IRRRL is? Well I do,
and I’m going to tell you all about it today. Welcome back to the Georgia Coast
Homes YouTube channel. My name is Nicole Moore and I’m a REALTOR here in Savannah
Georgia with Keller Williams Coastal Area Partners.
What is the VA IRRL? Well it helped me save about $330 a month on my mortgage and today we’re here talking with Debbie Hudson
from Southeastern Bank. She’s the one that helped me out with this. Hi, I’m
Debbie Hudson and I am a local mortgage lender with Southeastern Bank and I’m
also a local representative of Quicken Mortgage. – I thought Quicken was an
online lender so can you further explain that for me, Debbie? – You’re absolutely
right. People can get on the internet and apply directly with Quicken. The problem
is they don’t have any local representation, they talk to different
people every time they have an issue, sometimes you can’t get in touch with
somebody, so the benefit is I have the largest lender in America behind me, that
local representation that will walk your clients through from start to finish. -So
Debbie was actually my lender when I was purchasing my home and she introduced
the VA IRRRL to us after we had been living in the home for about a year. And
we were actually able to reduce our interest rate a couple of points and it
ended up in a result of over $300 that we are paying less on our mortgage now.
so she’s actually gonna talk a little bit further about this but one of the
benefits that we found with working with Debbie is that she contacted us about
our loan and let us know about this option that we didn’t really know
existed. So this is what the VA IRRRL is. It’s not a person, EARL. It
actually stands for interest rate reduction loans so we use the letters IRRL which is where “Earl” came from. Because I had done your loan originally
I knew what your interest rate was and with the reduction in interest rates I
knew that it might benefit people to lower their interest rate ba came out
with a special program and so I went down my list of clients and found that
you would be a great candidate so Debbie who is eligible for the VA or well first
of all you have to currently have a VA loan and it has to be on your primary
residence cannot be on a second home or on a rental property and anybody whose
interest rate is 4% or higher is definitely a good candidate so how long
do you have to wait until you are eligible to apply for the BL you have to
have made at least six months of on-time payments on your current home mortgage
so you had been in your new home longer than that so that’s what may made you a
great candidate okay the closing cost if they’re rolled into your loan then that
means that potentially someone wouldn’t have to pay anything to refinance
basically yes that’s a good possibility and it’s really on a case by case
situation we don’t get a new appraisal on your home so depending on how much
you owe versus how much the home appraised for we can work the numbers
and roll in as much of the closing costs as we can and then you can determine
whether it’s financially a possibility for you to pay if you have to play some
our pocket you might think that 4% is a good interest rate and it is right now
but rates are historically low so if you are eligible for this you do want to
consider refinancing especially if you qualify for a VA or do
you have to run the person who’s applying do you have to run their credit
again well that’s kind of a trick question honestly and I’m glad you asked
these loans are non-credit qualifying so we’re not looking at what your income is
versus what your debt is I do need to run a credit report because that’s how I
can determine what the interest rate is and make sure that it makes sense for
you to refinance so my husband and I we received tons and tons of letters always
saying that we were eligible to refinance and we could cash out fifteen
twenty thousand dollars is that something that’s possible if you do the
Barl can you cash out on your equity of your home no there is the VA Lim does
not allow you to cash out and I’m honestly not sure how another lender may
accomplish that we don’t repress the house so we go off of the value that
your home was appraised for at the time and typically you can’t build equity
that fast especially especially if you’re on a 30-year fixed-rate loan so
these letters that were receiving are basically scams in yeah there are an
attempt to get your attention and to get you to call them and give them an
opportunity to then tell you what the real deal is
so how would someone start this process and does it is there any upfront fees
that they need to be aware of when they start this process another big question
Nicole there’s no application fee or anything to get the process started
you would just contact me at the email or the cell phone information that is on
the website I can just take your loan application over the phone which just
takes a few minutes it doesn’t cost you anything to see what the numbers would
look like the only documents that I need at the time of application would be a
current mortgage statement from your lender a dd-214 if you’re retired too
we can pull your certificate of eligibility offline if not we may need
some help in obtaining that and either our current pay stub if you’re retired
or a copy of a recent Nelly s if you’re still active military and that’s all we
need to take a look at the numbers and hopefully give you some good news
daddy are you only able to do this for people in Georgia or can you help other
people in other states well that’s another big benefit of being a
representative of quicken mortgage they are such a large lender and their
license to loan in all fifty two states so I can pretty much refinance anybody.
If you are interested in finding out if you’re eligible for the IRRRL you can
click this link right here, it’s going to take you to our website and get more
information. And for more information on buying a home with a VA loan
watch this next.