The mortgage industry has always been a fickle thing—full of variables and tinged with uncertainty. The wise homeowner stays up to date on all the newest home loan trends to take advantage of the lowest rates and benefit from smart home financing. So the question of the day: is now the time to refinance? VA mortgage loans have been at an all-time low recently, so now is the perfect time to take advantage of the VA Interest Rate Reduction Refinance Loan, also known as the VA IRRRL.
Reducing Interest Rates With the IRRRL
Home prices don’t scare people. Interest rates scares people. Interest means every homeowner with a mortgage ends up paying thousands and thousands of dollars more than their house is worth by the end of their loan term. This is just a part of life, but that doesn’t mean you can’t significantly reduce the amount you pay in interest. How? By getting a different loan, and this can be done through either a refinance or by moving and purchasing a new house.
When it comes to lowering rates the VA interest rate reduction refinance loan is the most popular refinance option for many veteran home owners. The VA makes the VA IRRRL guidelines easy to follow so veterans can reduce their interest rates quick and easy. The VA IRRRL is also called the VA streamline because the process is streamlined to help veterans save money.
Another effective way to reduce interest over time through a refinance is by shortening the term of your loan. This will increase your monthly payments, but since you would be paying off your loan faster, the amount of interest you end up paying in total on your house is significantly reduced. In fact, shortening your loan term is generally the most effective way to reduce overall interest. Not everyone chooses to take this route because it is much harder to fork out more money every month than you’re used to.
Is It Your Time to Refinance Your VA Loan?
Timing is everything when it comes to refinancing your home. Is right now the best time for you to refinance? If you are planning on staying in your home long term now may be the best time to think about the VA Interest Rate Reduction Refinance Loan.
No matter what your home needs are, we want to help. Low VA Rates exists to help homeowners save money on their homes. Whether you need a refinance or a purchase loan. If you aren’t sure what loan option is the best for your situation give us a today and we will be happy to go over everything with you. Call us now at 866-569-8272.