IRRRL stands for Interest Rate Reduction Loan. Where the Veteran has VA loan already and wants to move from one VA to product to another its called IRRRL. This does not requirte the Veteran to pay for new Appraisal. The Appraisal done last time shall be used for the value of the appraised property. IRRRL can take place when the Veteran wants to switch his VA from Fixed rate to another Fixed rate or from an Arm to Fixed Rate.
An IRRRL can be done by almost no money out of pocket. Old Appraisal can be used so no new appraisal would be needed. The cost can be absorbed by the new lender and discount towards fee can be provided.
In case of IRRRL the new Loan amount must not exceed the existing loan amount when you initiated the mortgage except for Funding Fee and costs permissible.
The VA Loan Limit for 2017 is $ 424,100 but it could be even higher if you happen to live in a High Cost Area.
You can contact your CA mortgage expert to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
Article by Roger Shanker
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