Arizona! Valor Lending Group is now open for business in your state and can help our veterans with their VA purchase or the Best Valor Arizona Streamline Refinance (IRRRL). The VA Streamline Refinance (IRRRL) was established in 1944 and is the go-to refinance option for United States Veterans or active-duty service members; who are eligible for the program. Most importantly, VA loans, including VA Streamline Refinance’s (IRRRL) are backed by the Department of Veteran Affairs, allowing veterans to have a mortgage without committing to a down payment or private mortgage insurance requirement!
At Valor Lending Group, we have been able to help the veteran population leverage their hard-earned VA Streamline Refinance housing benefit! We have also been able to help those Veterans who are in a bind and are having difficulties making their monthly payments! The VA IRRRL also called the VA Streamline Refinance, may help you refinance at a lower interest rate. As a result, refinancing may possibly lower your monthly payment. The following information will help you determine whether you qualify for the VA Streamline Refinance and how to get started in a direction toward a more manageable mortgage payment.
The easiest way to think about a VA IRRRL is to reference the word Streamline. VA IRRRL and VA Streamline are used interchangeably in the lending world, implying that the process is a lot easier and quicker than a normal refinance.
A VA Streamline can help you with a few aspects of your current loan. First, it will help you switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. Second, it can help you lower your monthly interest rate or change your current term; possibly helping you save thousands of dollars over 30 years and or lower your monthly payment. To pull cash out of your home’s equity, you will have to complete a full refinance; which is different than a VA Streamline Refinance.
The Arizona VA Streamline refinance allows you to refinance your current loan only if the new terms contribute to an instant financial benefit, including lowering your monthly payment or interest rate. The VA will not allow you to refinance your loan for any reason that does not involve your financial benefit.
One of the most attractive benefits of a Valor Arizona VA Streamline Refinance is the fact that you will be capturing one of the lowest interest rates in the market! At Valor Lending, we make sure our Veterans and or Active Duty Servicemembers are taken care of. We do the groundwork for the borrower and shop your loan so you don’t have to, providing the best IRRRL rate available.
The length of your mortgage and lender may change, but not your property.
The VA does not force you to extend your mortgage. It is very likely that you are a few years into your mortgage and if that is the case, you may choose a mortgage option that allows you to keep your mortgage length (term). However, in order for you to keep your current mortgage term, the lender must offer that option.
In order to apply for the VA Streamline, you are required to wait 270 days from closing your original mortgage. In addition, you must make six consecutive monthly payments on your loan and there must be 210 days from your first mortgage payment and closing on your VA Streamline.
In order to be eligible for a VA Streamline, you must currently have a VA Loan. If you don’t have a current, outstanding VA Loan you cannot use the VA Streamline loan.
Something to consider, if a veteran or service member currently has a conventional or FHA loan, they may qualify for a regular VA refinance. The drawback for a regular VA refinance is that these loans require an appraisal and are not eligible for a VA Streamline refinance.
If you currently have an Adjustable-Rate Mortgage (ARM), your rate may see higher interest rates over time. Perhaps the rate will save you money in the short run. However, if this is your primary residence or a long-term investment, it is important that you refinance into a fixed-rate mortgage. Initially, you may have to accept a higher interest rate, however; in the long run, you can potentially save thousands of dollars.
Another important reason to consider a VA Streamline is your monthly payment. If you are having trouble keeping up with your payments, a VA Streamline is for you!
At Valor Lending group, we can work with you to find the best option for your unique situation. We will work with you and make sure there’s a tangible net benefit that’ll help you qualify for the VA Streamline refinance. We will also make sure we fulfill the VA’s minimum standards, so you’re able to qualify when you apply. Keep in mind that your application can be denied due to a failure to prove a tangible net benefit.
At Valor Lending Group we make it easy to apply by following these steps:
You can apply here and get the information you need from the comfort of your own home.
Let’s make sure you qualify! At Valor Lending we will analyze your current situation and make sure you fulfill the requirements, including analyzing your current rate.
Contact Leo Gutierrez, Your HOME LOAN EXPERT. Leo will look at your personal situation and give you a breakdown of your net tangible benefit.
Give him a call today at (562) 308-6497.
If you don’t qualify for VA Streamline Refinance, we can take a look at other options and see how we can best help you.
The most important aspect of a VA IRRRL is that you as the borrower are receiving an immediate benefit. The benefit may include a lower interest rate, monthly payment, and or extended-term. If it’s not in your best financial interest, we will let you know without hesitation!
**Rates and terms subject to change without notice
For more information on Rates see Mortgage News Daily
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Headquarters
Valor Lending Group
CA DRE #02026238 | NMLS #1600345
Petco Park Diamondview Tower
350 10th Ave | 10th Floor
San Diego, CA 92101
info@valorlending.com
Office: (619) 810-0088
Fax: (619) 872-2400
Arizona Branch
Valor Lending Group, Inc.
Branch ID# 2245288 | MB-1030262
Eagle Ridge
1548 Hawkeye Ridge Ave
Prescott, AZ 86301
info@valorlending.com
Office: (619) 810-0088
Fax: (619) 872-2400
