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Hi, I'm Greg Hall with My KC Lender dot com. Do you own a home in the state of Missouri
and have a va loan with an interest rate that's higher than market rates? If so, stay tuned
so I can introduce you to my friend IRRRL.
If the interest rate on your existing mortgage is higher than rates currently being offered,
the VA has a fantastic program you might want to look into. It's the VA Streamline Refinance
Program, also known as the VA Interest Rate Reduction Refinance Loan, or IRRRL. It allows
existing VA borrows to refinance with greatly reduced documentation compared to what was
needed on the original loan. Since the VA is already guaranteeing your loan they want
you to be in the best financial position possible. The better position you're in, the lesser
the chances the VA will have to pay a claim on a defaulted mortgage. Makes sense to me.
By reducing your interest rate you could: lower your monthly payment, shorten the term
of your loan so you build equity faster, or maybe both. You'll have the option to skip
up to two house payments and you'll receive a refund of your existing escrow account from
your current lender. This can all be done without an appraisal, which means if your
current home has decreased in value since taking your loan it won't prevent you from
refinancing. No asset verification, so no bank statements will be needed. No income
verification, which means no pay stubs, W2s, or tax returns. And one of my lenders doesn't
even require employment verification. This can all be done with no money out of pocket
since any closing costs can be rolled into the new loan or payed by the new lender. And
finally, you don't have to use your current lender. As a matter of fact, my experience
is you may get a better loan if you don't use your current lender. Look for one of my
other videos dedicated to that topic. To qualify for the VA IRRRL program your current loan
must be a VA loan, you can have no more than one 30 day late in the last 12 months, and
you must have at least a 620 credit score. Finally, the new loan must improve your situation
by either lowering your rate or converting from an ARM to a fixed rate. If you'd like
to learn more about the VA IRRRL program, go to MyKCLender.com where you'll find more
detailed information as well as answers to frequently asked questions. You can also email
me or call me personally for honest answers about your options. I'm Greg Hall with MyKCLender.com,
thanks for watching and I'll see you next time.