VA Streamline Refinance or IRRL

So what happens when interest rates drop, and your once low rate is no longer competitive in today’s market?

Lucky for you, Veterans have a quick and easy solution.
The Streamline Refinance or Interest Rate Reduction Loan (IRRL) program as it is also known, can easily reduce the interest rate on your mortgage and consequently lower your mortgage payment. The savings is immediate, and if done properly, you should see a big drop in your next mortgage payment!

A VA IRRL is easy on the pocket book

One of the best things about this program is that it can be accomplished inexpensively.

Here are some IRRL highlights:

•Closing costs can be financed or “rolled-in� and effectively eliminate your actual out of pocket expenses.
•The VA funding fee is only .5% (as apposed to 3%) and in some cases can be waived
•NO credit Check required
•NO appraisal required* (NOTE*: Some banks have changed their funding guidelines and are now requiring appraisals)
•NO Employment Verification
•You can have up to (1) 30 day late payment over the past 12 months
•Can skip up to 2 months mortgage payment. (Mortgage interest accrues in arrears and will be added to your principal balance. This is not free money.)

If you like saving money AND need a quick solution that won’t drain your pocket book, a VA refinance is the perfect choice for ANY veteran.

http://nobsvaloans.com/2009/06/va-streamline-refinance-or-irrl/