When I first started doing VA Mortgages about 20 years ago, I wanted to learn all of the benefits and features that would be available to our military personnel; both past and present. Not long after I did my first few VA loans I had a veteran ask me to refinance his VA mortgage. Not knowing a great deal at that time I asked my processor about a VA refinance and she mentioned that she was not qualified for such a loan as these loans have many “technical” aspects. Next, I asked my manager. He mentioned that he had not done a VA loan in quite awhile but he was “somewhat familiar” with the VA Interest Rate Reduction Refinance Loan (also know as the VA IRRRL; pronounced “Earl”).
If you follow my teachings and writings you will find that I crave knowledge. I want to learn everything I can about the technical aspects of any loan program (or anything else I study). I learned quickly that the IRRRL loan was one of the greatest benefits of a VA loan; a quick refinance with no mortgage insurance. Let me give you one success story…
Just a few years ago a veteran came to me and (as of yet) had not been able to get his VA Certificate of Eligibility. I was able to help him to handle the paperwork and soon we closed his VA Purchase loan. About 18 months later he called me and was about to fall behind on his payments as his hours had been cut by his civilian employer. I suggested a VA IRRRL. He was thrilled to know that the Veterans Administration would be able to change him from a 30-fixed to another 30-year fixed (or adjustable if he preferred) and lower his interest rate without a lot of “red tape”.
This meant that our borrower was able to lower his interest rate, roll in the closing costs, not have to make a payment the month after the refinance closed, and lower his payments. All he had to do was to call me. He then went back to his U S Army Reserve Unit and let the other military personnel know of the transaction. If you know of a veteran who wants to lower the interest rate on their VA loan…. NOW IS THE TIME. The interest rates are the lowest they have been in years. Have them call me; say they are a veteran and they want to know more about my friend “IRRRL” (pronounced “EARL”).
If you are a veteran; contact me directly at weswaddle.com. As always; thank you so much for your service.
