I am learning how an Interest Rate Reduction Refinancing Loan (IRRRL), more commonly known as “Streamlining Loans”, can help a veteran lower their mortgage payments by paying less interest over the life of the loan.  Some are offered with zero closing costs; not zero money out of pocket, but no additional costs for the veteran towards closing on the new loan.  These loans are designed to help veterans that are already utilizing their VA loan from a period of higher rates to take advantage of currently-better interest rates.  Many mortgage companies offer these loans, but the best will seek out “zero-closing costs” at an improved, but not best rate, to save a great deal of money.  The advantage to the lender is that they gain a creditor with a proven record of making on-time mortgage payments and they will offer a competitive interest rate in comparison to loans made before today’s record lows.  There benefit can be maximized by not skipping any monthly payments and providing funds to keep the escrow account for insurance and property taxes to date.

Bookmark It

Hide Sites