Naples VA Refinance
Veterans who are currently paying higher than market interest rates, or who have an adjustable rate loan may benefit by taking advantage of the VA’s loan program commonly known as IRRRL or interest rate reduction refinancing loan. Naples VA refinance might be able assist you with refinancing your property. This is a streamlined refinance program that is specifically designed for those borrowers who have an existing VA loan.
To qualify for a Naples VA refinance, borrowers may not need to provide a lot of documentation, as the VA has made it easier than ever to complete a streamlined refinance. In fact, in some cases, lenders may not require the veteran to pay any cash out of pocket, wait for an appraisal or even go through a major credit evaluation. In some cases the lender can pay for all the closing costs.
To qualify for a VA refinance, the borrower must first have an eligible Veteran’s Administration backed loan. In order to take advantage of a streamlined finance, the new loan must have a lower interest rate than their current loan. The exception to this is if the current loan is an adjustable rate; these loans are qualified for a Naples VA refinance to a fixed rate loan.
Monies out of pocket
Because of the unique terms of this loan, lenders are allowed to include all closing costs in the refinance. For the veteran, this means they will not have to have any additional funds available at closing for loan. This means not only a lower interest rate, but the added benefit of lower monthly payments.
One of the many challenges faced when pursuing a refinance loan is the added burden of needing to get VA qualification. However, the VA refinance specialists at Core Mortgage Financial are able to request our VA IRRL streamline refinance immediately.
There are some unique features to the IRRRL that you must be aware of before you decide if this program is right for you.
- You need not live in the home you are refinancing. However, you must be able to prove that you have lived in the home previously;
- The loan is not eligible for cash-out refinancing. While the program does allow for upwards of $6,000 to upgrade your homes energy-efficient features;
- Second mortgages must be paid in full.
- You need not use the same lender who approved your loan initially, especially if you are able to find better loan terms elsewhere.
- NO income, assets or appraisal is required. If you decide to pay your closing costs out of pocket, assets to close must be verified.
If you feel that you may qualify for a VA IRRL refinance, call Core Mortgage Financial and let us help you get started. We will work closely with you to see if the IRRRL is right for your individual circumstances. We are specialists in VA IRRLS refi programs and we can help you get your loan approved and closed faster to help you start saving money.
APPLY ONLINE ! or call today 239-431-5889
This blog is for informational purposes only. We are not affliated with any government organization, to include the veteran’s administration The Naples VA refinance process, programs, guidelines and terms are subject to change without notice. NMLS #849597