Only silence is what I hear when I recently asked this question to some of my VA loan customers. Truthfully, I didn't expect them to know what the IRRRL VA mortgage was? I mean come on, who would know what these letters mean? Mortgage people do, well some mortgage people - those who do VA loans. But for the most part, it is not a well-known term. For those of you with seats in the stands with the rest of us, IRRRL stands for Interest Rate Reduction Refinancing Loan. The IRRRL is also known as … [Read more...]
FHA Streamline Has A Twin! The VA Streamline Mortgage
Did you know that the FHA streamline has a twin? I say "twin" because it really is a very, very similar program to the FHA streamline -- only it is for Veterans who are currently in a VA loan. It is called the VA streamline refinance -- or sometimes it is referred to by its official name - the VA IRRRL program. VA Streamline Refinance Program (aka The VA IRRRL Program) The VA Streamline Refinance is designed to help veterans secure the lowest fixed interest rate available and is also known … [Read more...]