The Appleton VA IRRRL program is an incredible refinance opportunity which you can use to lower the rate and payment on your current Appleton VA Loan. Many times, this can be done with little or no closing costs!
The Appleton VA IRRRL allows you to essentially convert your existing Appleton VA Loan to a new one with a lower rate and payment. The other term for a VA IRRRL is a “streamline” refinance, because the process is fast and easy.
The first step to determining your eligibility is to talk to a Appleton VA Loan specialist about your options and the savings you will realize. It’s important to know your savings going into the transaction, so that you know it makes financial sense. In most cases it does because of the fact that we can do your Appleton VA IRRRL with no closing costs, so you will have a benefit from day one.
Qualification standards are not difficult. Although VA will state that there is no credit check or minimum credit score requirement, many lenders have “overlays” or additional requirements above what VA requires. Most lenders have a minimum credit score of 620, WE DO NOT. You must also be 2 years out of a bankruptcy.
Although VA guidelines also state that you will not need an appraisal, in many cases we will need one. Please keep in mind that the loan to value can effect your interest rate. If the loan to value is determined to be 100% to 125%, you can expect a little higher interest rate that a loan to value under 95%. Regardless, the Federal VA Interest Rate Reduction Loan is one the best options for you.
We will not need to verify your VA home loan benefits through ordering a new certificate of eligibility, because you already have your benefits, but a copy of your DD214 will be needed.
Unless exempt, the VA funding fee is quite low by comparison. You can expect to pay .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000). You have the option of financing the fee into the new loan, or in we can incorporate the VA funding fee into the total, meaning you will not have to bring anything to closing.
You can find out what kind of rate you will qualify for by filling out our VA Quick Quote form on the right side of this page, or giving us a call in the office. The first step to getting started is to fill out a loan application and have your credit checked.
With our Team, you will never experience high-pressure “sales” tactics; Dedicated to you and your family, we will give you honest advice and straight answers. Our goal is to build lasting relationships. We would be honored to help you, and your service to our country means the world to us!