This type of loan works perfect for someone in Las Vegas that currently has a VA loan and also happens to be upside down in their mortgage. Reason being is, under most situations, we can avoid the appraisal as it's not always required. However, you must currently have a VA mortgage to do the streamline refinance of the current loan. VA refers to them as the IRRRL (Interest Rate Reduction Refinance Loan). The timing right now for refinanicng is perfect due to the low VA mortgage rates. In some cases, reducing the VA loan rate can save hundreds of dollars per month in your payment, depending on the size of your VA loan. If you have a big enough savings per month, & you qualify, you could even consider reducing the term of your VA mortgage from a 30 year fixed to a 15 year fixed so you may be able to pay your home off in less time. Also, during the refinance, you may be able to skip up to 2 months worth of mortgage payments putting some extra cash flow back into your pocket. If you prefer, we can even include your closing costs into the new loan so you come to close with nothing out of pocket.
With this type of VA Refi, the process is much more streamlined. The documentation we must collect from you to apply for the refinance is reduced. The following is the list of items you would need to submit for the application of a VA Refinance (IRRL):
- A copy of your NOTE from the loan package you received from the title company when you closed on your loan last
- Your current VA Case #. This is listed on your HUD-1 settlement statement which is also part of the loan package
- A most recent mortgage statement
- Copy of your homeowners insurance
- Copy of your Drivers License and Social Security Card
- Payroll Stubs for the last 30 days. If you are active miliary, then a Leave & Earnings Statement (LES) which must be printed from a base computer
- Copy of your DD214 if you are not active miliary
All of the above documentation can be emailed directly to me at firstname.lastname@example.org or faxed to me at 1-800-630-0896. Lastly, if your schedule permits, you can make an appointment to bring in your documents and I would be happy to make copies for you.
If you have any questions,
to schedule an appointment
or to discuss if this VA Streamline Refinancing is right for you,
then please contact
Casey Moseman at 702-271-1274