An Interest Rate Reduction Loan through the Veterans Administration can save you thousands of dollars on your existing mortgage. The goal of the program is to refinance your existing mortgage into a new mortgage with a smaller interest rate. This reduces the monthly payment you are required to make and saves thousands on interest payments throughout the life of the loan.
Some Facts Behind the Interest Rate Reduction Loan
First and foremost, any loan through the VA is quick and easy. There is far less paperwork that you have to deal with than a conventional loan. Since there is far less paperwork, you can enjoy the benefits of a lower monthly payment rather quickly. Here are a few other benefits provided by the Interest Rate Reduction Program:
- There are little to no closing costs which allow you to save thousands of dollars out-of-pocket.
- Most of the time, when you qualify for the program, you are not required to put any money down on the new loan.
- There are minimal requirements to meet in order to qualify for the loan. Since you are a veteran of the U.S. military, you are given “special treatment.”
- The program is also known as the VA to VA Refinance since you can only use the program to refinance one VA program into another.
How MortgageDepot can Help
We at MortgageDepot are the leader in providing veterans with any type of VA loan. Our experience and expertise puts you in a loan program that works. With all the added benefits of the loan program, we make the process that much easier. You will find that your monthly mortgage payment allows enough room in your budget to enjoy life again. Our experts ensure that the program is tailored to fit all of your mortgage needs.
Contact one of our loan consultants to learn more about this program.