Attention Veterans with a current Colorado VA Loan! You can probably save a lot of money. And you can do it with no closing costs. What am I talking about? Colorado VA IRRRL Loans!
This loan is also known as the VA streamline refinance, but Colorado VA IRRRL Loans are the more common term. The main benefit for this loan is you do not need to re-qualify in order to refinance to a better mortgage rate.
Here are the 10 facts about the VA IRRRL program that will help you determine if this program is for you:
1. With no closing costs, even a .5% lower VA interest rate can save you a ton of money.
2. In many cases, Colorado VA IRRRL Loans do not require an appraisal. If we do need one, it is at our cost, not yours!
3. You must lower your payment by at least 5%, or the VA will not allow you to refinance.
4. There are no out of pocket fees and in most cases, there are no fees, period.
5. You must show a benefit to the refinance. This means lowering your rate or term, or changing from a fixed rate to adjustable.
6. If you have the Colorado Home Buyer Tax Credit or MCC, you can roll over that savings to the new Colorado VA IRRRL Loans.
7. The VA funding fee is .5% on a VA IRRRL loan, unless you are exempt due to a service-related disability.
8. No cash out is allowed on the VA IRRRL loan.
9. You must be current on your payments for your current VA loan.
10. You don’t have to re-qualify, meaning a fast and easy process.
Hopefully this checklist has helped you determine if Colorado VA IRRRL Loans make sense for you. So what are you waiting for? If saving money gets you excited, reducing your mortgage payment is a great way to cut down on your expenses. Give us a call in the office at 303-670-0137 for a no obligation consultation and to get your questions answered.
10 Facts about Colorado VA IRRRL Loans