About VA Refinances
VA IRRL Refinance – Rate Reduction Refinance
For Veterans that have an existing VA Home Loan, a VA IRRL is a simple way to reduce your monthly mortgage payment.
Appraisals are not required and the paperwork is reduced.
For veterans that need money to consolidate debt, including high-interest credit cards, other loans and debts, pay medical bills, student loans, cover college tuition, home improvement projects, or would just like to pocket some extra change, we have a solution that will work you.
Quick VA Loans allows for 100% financing on cash-out refinances of the value of the home. Note: VA Cash-out Loans greater than 90% LTV have higher pricing than loans 90% LTV or under.
The Loan Process
The VA Refinance process can be very simple and quick. In getting started you want to remember one thing: documentation. Having all the documentation that you need can help speed things up in as little as 2-3 weeks.
The following is a list of some of the documents you may need when completing a VA Refinance program. This list does not apply to the Streamline Rate Reduction Program:
- ID – A copy of your driver’s license, or government-issued photo I.D.
- A copy of your W2’s for the past 2 years or complete tax returns if self-employed
- Your two most recent pay stubs, showing your current year-to-date gross income.
- A copy of your DD-214 or Statement of Service if active military
- The Mortgage “Note” from your current mortgage
- Awards letters showing any disability, pension, or Social Security monies you are receiving
- A copy of the declarations page from your Home Owner’s Insurance policy
When applying for the loan, the first thing you should do is find as much of the fore-mentioned paperwork as possible. This can cut significant time off of the total loan process. There may of course be other things you are asked for, but this should get you started on the right foot. After you have submitted your application, your loan will go through an automatic underwriting system, which gives approval for qualified applicants to go ahead to process the loan.
Processing the loan is where the bulk of time goes into completing your loan. One of the first things needed — and also one of the most important — is the appraisal. An appraisal for a VA Loan is different from a conventional loan because the appraiser must be a VA approved appraiser. The VA requires the lender to submit the request for the appraisal to them, after which the VA assigns a local VA licensed appraiser. Once the appraisal has been ordered, the appraiser usually contacts the borrower within 3-5 business days to schedule a time for the work to be done. Once the inspection is complete, the appraiser will get the report back to the lender.
During this time there will be many forms that the processor will be ordering and completing such as but not limited to: a current Certificate of Eligibility, a Verification of Benefits, verifying income and employment, obtaining various payoffs, and obtaining a preliminary title report on the property to make sure there are no additional liens on the house or lot.
Once all the paperwork and documentation have been gathered, the loan is submitted to the lender who assigns an underwriter; they then will review the entire loan file. The processer is always in close communication with the borrower’s VA Loan Specialist during this process, and that Specialist will keep the borrower informed as these steps are completed.
Once the underwriter approves the loan the borrower will be contacted to schedule the closing time. After all the documentation has been signed and shipped to the lender, the loan will fund in 4 business days. The borrower will then receive any cash due to them at this time.
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Frequently Asked Questions
- How do I know if I qualify for a VA Loan?
- Why would I want a VA loan?
- Can I purchase with $0 money down?
- Can I lower my monthly payment?
- Is a VA more lenient on a qualification?
Would you like to speak with a VA Loan Specialist who can help guide you through the loan process? We have specialists standing by to assist you in making this a quick and easy process.