VA Streamline Refinance IRRRL - VA Loan Refinancing in San Antonio Texas
The VA Interest Rate Reduction Refinance Loan (IRRRL) allows Texas Veteran homeowners who have a existing VA home loan to refinance and lower their interest rate and monthly payment. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.
You may see it referred to as a VA Streamline, VA IRRRL or a VA to VA Loan.
Benefits of the VA Loan refinancing in Texas.
- Does not have to be your primary residence - you need only certify that you previously occupied the home
- No money out of pocket - Any closing cost can be rolled into the new loan amount
- Appraisal of your home is NOT required
- You can't receive any cash out at closing
- No bank statements, job verification, pay stubs are needed as conventional underwriting process does NOT apply
- In the last 12 months you cannot have more than ONE 30 day late payment on your current VA mortgage
- Energy efficiency improvements to your home can be rolled into the loan amount
- Reduce your monthly payment by reducing your interest rate
- Easily transition from an ARM to Fixed rate mortgage
- It is an inexpensive way to lower their mortgage bill
- Almost all Texas Veterans qualify
Refinancing from an adjustable rate loan.
Refinance could lower foreclosure risk - If you have an (ARM) adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.
It's not uncommon for your interest rate to jump dramatically 2 to 5 percentage points after your ARM expires forcing you into conventional "refinance". The results can be devastating financially as you may not be able to afford to keep your home.
We are able to Pre-qualify you for a VA Streamline Refinance loan in 15 minutes, please call or Apply Online Now.
Have questions about VA Loans ???
It doesn't matter if the home your looking to purchase or refinance is in San Antonio, Dallas, Houston, El Paso, Corpus Christi or Austin, as long as it is in our great state of Texas, I can help you.
Please give us a call at 210-656-1134, for a No Cost, No Credit Check, and No Obligation consultation and find out how much you qualify for.