This is not a simple answer as it depends on your particular scenario and goals. For example, If the loan costs you nothing, and you drop the rate by .5% then it may make sense. If the loan costs you thousands of dollars and you will move in the next few years, it may not benefit you. The best way to see if it is beneficial for you is allow us to discuss your scenario with you.
IRRL or Interest Rate Reduction Loan is a fast, easy, and cheap refinance to allow someone who currently has a VA loan, to obtain a lower rate, go from an adjustable to a fixed rate, or shorten the term on their loan. These loans are quite possibly the easiest type of home loan available today.
If your current loan is a VA loan, you would be eligible for a Streamline refinance where value may not be an issue. You cannot refinance into a VA loan if upside down and your current loan is not VA. Please speak to our specialist to determine how your scenario would be handled.
Yes you can. You can choose to combine both loans into one as long they both do not total over 100% of the loan amount (Cash Out Refinance). You can also do a streamline refinance on the first mortgage to lower your rate, and leave the home equity loan be. Some restrictions apply, please contact us for further details.
My loan process was very easy and quick. Not to mention a great loan rate. I couldn't be happier!
Capt Sam T. - US Army
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