I think the most frequently asked question I am asked by borrowers is, "What are the closing costs?" In this blog I would like to discuss the charges, fees, points, etc., that are common with a simple VA IRRRL (Interest Rate Reduction Refinance Loan), more commonly referred to as a VA streamline refinance.
One of the great benefits of military service is the VA home loan. The loan often allows veterans to buy a home with no money down. There is, however, a cost that must be. ranges from 0.5 percent.
An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. When refinancing from an existing VA ARM loan to a fixed rate loan, the interest rate may increase.
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VA Streamline Refinancing Benefits With an IRRRL, there are several prominent advantages, including no required appraisal in some cases, no need to obtain another Certificate of Eligibility and little to no out-of-pocket costs. To avoid out-of-pocket costs, homeowners can choose to roll the closing costs and fees into the balance of the loan.
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A VA Streamline Refinance is a great way to save money. You can lower your existing VA rate and save money with little or no closing costs. Typically if you can lower your interest rate 1/2% or more it will make financial sense.
The Department of Veterans Affairs does include limitations on some closing costs–specifically where points are concerned. The rules permit the borrower to pay what the VA terms "any reasonable amount" of discount points, but there is a limit of two discount points when it comes to including such points into the loan amount.
The VA Streamline Refinance is Amazingly Fast Many of the pros that come with the VA IRRRL come by virtue of it being a streamline refinance option. The first major benefit is that an IRRRL is wickedly fast – being able to be completed sometimes in as little as 10 – 15 days.