Can someone explain the IRRRL option? We have a VA loan, but don't want to be out of pocket in lender fees to save a few dollars on the mortgage.

This is VA's streamline refinance program. We offer it and do many of them. It's a program that allows you to refinance your current VA into a lower rate and payment with very little documentation needed on your part (i.e. No income documentation required and oftentimes, no bank statements either). You can do this with no appraisal or money out of pocket needed. Feel free to email or call me directly if you have additional questions about it.Thanks and best regards,Martin MesaMortgage Loan OriginatorRate One Financial, Inc.696 East Colorado Blvd., Ste. 205Pasadena, CA 91101818.284.6480 ext. 103 Office626.389.1763 Faxwww.rateonefinancial.comCA BRE Individual Broker License No. 01357765, NMLS Individual License No. 250617

Sorry I failed to include my email address in my first post. Here it is: mmesa@rateonefinancial.com

It is a streamlined process for you to refinance with limited paperwork from you. Additionally, if you are not receiving service connected disability payments, the funding fee is reduced to 0.5% compared to what you paid with your last mortgage transaction. Fees and Costs can all be rolled into the loan as well or you can take a higher rate than you qualify for (lower than you have now hopefully) and have your principal loan amount stay the same. Justin Murray JMurray@WintrustMortgage.com (312)256-4065

It is a very simple, minimum documentation loan. Also no appraisal or fees required.It is a great option to lower your rate! Feel free to contact me for further details.562.254.5616

Basically, its a refinance option that allows you to refinance your existing balance without an appraisal and allows for limited/less documentation, so things like tax returns, pay stubs, w2's, etc..are not always necessary. Most lenders can do VA IRRRL's without you needing to come to the table with funds.. the lender can usually offer you a credit based on the rate you select and pay the closing costs for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Gary,This is a very simple no out of pocket refinance program. There's no appraisal and hardly any documentation. I am a Veteran and have specialized in VA loans for the lat 15 years. I'd be more than happy to assist you. Please give me a call at 760-217-0820 or email at j.wood@mybbmc.com. www.mylenderjason.com www.mybbmc.com

You have many good answers. I did want to say you should still compare your options. Is your monthly savings sufficient to make sense to do the IRRRL option?No question it is an easier streamline refinance process. How does it compare with refinancing at today's very low conventional loan rates at no closing costs? If you are not happy with having to add the large funding fee to your loan even if other costs are trimmed significantly, then it might not be worth it to you. Again, compare the best conventional deal you can get to the IRRRL. I know my wife and I liked the simplicity of the IRRRL in the past, but rates were so low on conventional we opted for that. A little more painful to have get those documents for sure!

ALL MORTGAGE LOANS HAVE CLOSING COSTS. How you pay them can vary. Most people do a "no out of pocket cost" refinance, which usually means the closing costs are added to the existing loan balance. VA IRRRL loan is also known as a streamline refinance, which means there is no appraisal, and reduced documentation, but the loan does have closing costs. Have your loan officer "run the numbers" to see if it makes sense for you. For a VA loan in MN, WI, or SD, visit www.VA-IRRRL-Loan-MN.com

We have the CalPATH program that saves you $$$.Feel free to explore our website and if interested , you can apply online @ www.mwfhb-dealba.com.