A $53,000 Savings For Veterans In 2017
VA mortgage rates are at historical lows, and veterans get some of the lowest home loan rates available anywhere.
But rates are not guaranteed to stay low. Anything but.
The U.S. presidential election put mortgage rates on edge. There’s no telling what will happen in 2017.
Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage.
For example, consider the cost of waiting too long and having VA interest rates rise by a mere one percent.
The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month and more than $53,000 over the life of the loan!
Many Veterans Don’t Know How Simple A “VA IRRRL” Is
Mortgage rates may be going up, but for Veterans, there’s a solution.
The VA Interest Rate Reduction Refinancing Loan, or IRRRL, is the simplest refinance available in today’s market.
This loan program was set up from its foundation to be quick, simple, and cost-effective.
The VA requires no appraisal, no bank statements, and no pay stubs or W2s. Plus, the lender is NOT allowed to charge an escrow fee to the Veteran.
Talk about value.
The IRRRL program saves the Veteran time and money, reduces his or her mortgage rate, and offers more affordable homeownership.
This loan program is not available to those who have not served. This is a benefit exclusively for active and separated military personnel.
Some would call it a huge “thank you” from U.S. citizens and the government to its cherished Veterans.
Veterans just call it a screaming deal.
Check Today’s VA Rates
VA rates are low, but as stated above, they may not stay this low.
Uncertainty is flooding the markets, but the VA IRRRL program is still available at very low APRs.
Check your potential savings, even if you have a low rate already. Rates could be even lower.