So who the hell is Earl??

If you have a VA loan already you’ve probably heard a advertisements promoting VA Earl. Well it’s actually not "Earl". The acronym is IRRRL, which stands for “Interest Rate Reduction Refinance Loan”. The VA IRRRL is a super easy refinance that allows veterans to take advantage of lower rates.

If you currently have a VA loan I would suggest you click here to check the current rates. If your interest rate is one percent higher than current rates, it may very likely be time to look at taking advantage of this program. If you have a larger loan balance (approximately $300K or more) it make sense even if your rate is only half a percent higher than today's rates.

Contact me so we can talk about your loan, and your goals for the property. We want to make sure IRRRL is right for you, before you waste money on unnecessary lending fees. The benefits of the VA IRRRL program are numerous, and this is by far the easiest loan to qualify for.

The VA IRRRL product does not consider your credit score, income, or assets. In fact, the VA doesn’t even require you to get an appraisal. As long as you have paid your mortgage on-time for the last 12 months, you should have no problem taking advantage of the IRRRL. 

This program has minimal fees, and you can roll them into the loan. You will also skip at least one mortgage payment when doing this refinance, which gives you an opportunity to pay down another bill, or add a month’s mortgage payment to your cash reserves. It’s also common for veterans to receive an escrow refund check when the old loan is paid off.

Be wary of offers you receive in the mail offering to lower your interest rate. Be especially wary of those coming from entities whose names would lead you to believe they may be an arm of the VA. The VA does not offer mortgage loans. It guarantees a portion of the loan to the lender.

There is not a division of the VA that will refinance your loan. So if you receive a marketing mailer from a company that wants you to believe they are affiliated with the VA, throw it in the trash. It's a deceptive marketing practice, and likely a sign of things to come.

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