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VA IRRRL Benefits allow the Veteran loan holder to streamline their current interest rate to a lower interest rate with out the hassle of a standard mortgage refinance. For example there is no appraisal or income documentation required. So you will not be asked to submit pay stubs, W2s, tax returns, retirement statements, business licenses, business tax returns or letters from your CPA. You simply streamline from one VA loan to your new VA loan. The application process is simplified by our streamlined technology which allows you to fill out an application online in minutes and then E-Sign disclosures that are emailed directly to you with our secure E-Signature software. Simply E-Sign the disclosure and your file is submitted to our underwriting department. Sit back relax and wait for your clear to close from our underwriters. Finally we send a closing agent to you, to sign your final documents. It's as easy as 1-2-3.
Now let's take a look at the benefits of the VA IRRRL program. The benefits are immediate. Upon closing you may skip two mortgage payments, receive your current escrow money back as a refund from your existing lender, and most importantly lower your monthly mortgage payment. The IRRRL transaction will establish a new escrow account and you will be refunded in full the funds from your previous escrow account. You may use your cash back for whatever you wish- pay off credit cards, pay down your mortgage balance, home improvement, or take a vacation.
The most important thing to look at when deciding to do any financing is recapture. In other words "how much does it cost you" vs. "how much do you save". If you, you are receiving cash back from a refinance, there is NO RECAPTURE, you will immediately reap the benefits of streamlining your VA home loan.
Compounding your benefits can be achieved by putting your monthly savings back into your mortgage. This occurs by taking your savings and sending it in with your mortgage payment. This will compound the benefits by reducing your mortgage term several years, saving you tens of thousands of dollars in interest over the life of the loan.
You can easily start the process by clicking on the "Apply Now" hyperlink in the menu bar or clicking the "Chat" link at the bottom of this page to speak to a licensed mortgage professional. After filling out the application you will be contacted by a loan officer that will send you the loan application and disclosures for you to E-Sign. After E-Signing sit back relax and wait for your Final Approval. Once final approval is completed a final closing will be scheduled at your convenience.
Please feel free to call us directly at 443-402-6457 at anytime during the process. Your total time invested will be about 45 minutes. The process from start to finish can take as little as 14 days. The savings over the life of the loan could be anywhere from $25,000 to well over $100,000. The more immediate financial benefit of skipping 2 payments and receiving an escrow refund are anywhere $4000 to as much as $25,000.
Now that you are familiar with the easy process of our VA IRRRL program, lets take a closer look at skipping two mortgage payments as well as the automatic approval process with net tangible benefit. Upon approval, you may skip two mortgage payments. The first skipped payment is the payment due at the begining of the month that you are closing. The second skipped payment is the following month. For example, if you close in the month of September you will skip your September 1st payment and your October 1st payment. Your first new lower mortgage payment won't be due until November 1st. Automatic approval is available to borrowers with an existing VA loan that are current on payment and are able to lower their current interest rate and monthly payment. Additionally if you currently have an adjustable rate mortgage, are current on payments then you will automaticaly qulifyy to switch to a fixed rate mortgage. Often new homeowner's will streamline to save as little as .125% on their interest rate, because the financial benefits are immediate and last the life of the loan. In some cases borrowers are able to drop thier rate as much as 2 percentage points.
You can streamline as many times as is beneficial to you so no need to wait for the perfect rate. Simply streamline your rate lower with the market, or insulate yourself from rising rates. We offer both Fixed rates and Adjustable rates for streamlining purposes. VA homeowner's that relocate more often benefit from our low ARM Rate Program while long term borrowers that plan to retire in their home or turn it into a rental in the future benefit from the stability of our Fixed Rate Streamline Program. New homeowner's benefit from skipping two mortgage payments and recieving all of their escrow refunded. This gives new homeowner's the much needed cash to purchase furniture, home improvement projects, or paying off student loans and other short term revolving debt.
Please open up a chat session with the link below or continue reading our website for detailed information about the VA IRRRL streamline program.
Credence Funding Corporation
1200 Technology Drive, Suite A
Aberdeen MD 21001
NMLS # 878490
Nationwide Mortgage Licensing System & Registry Consumer access at http://www.nmlsconsumeraccess.org
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