I wanted to discuss a little known feature of the VA loan program. It's called the IRRL loan which stands for Interest Rate Reduction Loan.
If you already have a current VA loan and have been current on the loan you should be eligible for the refinance program. We offer this program in 49 of the 50 states. Sorry Nevada! Soon I hope.
Here's why the program is an incredible opportunity in general and specifically with First Mariner Mortgage.
First Mariner has zero lender fees to obtain a VA streamline refinance. The only fees we charge are 3rd party fees for credit and flood cert. Total cost is $40 dollars.
No appraisal is required using 1st Mariner Mortgage's direct portfolio program in most cases.
This is HUGE if your property is upside or underwater and other lenders have said no without an appraisal.
There are no assets required and no income documents required either. No paystubs, no W-2'S no tax returns for self employed borrowers. You basically sign the loan application, provide a mortgage statement, hazard insurance and your note and HUD-1 and that's it. The loans are MUCH faster as a result and close on average in about 3-4 weeks.
You can go to 100% of the value of the house if need be.
There is also no mortgage insurance for VA loans.
If you receive VA disability there is no funding fee.
If you do not receive disability the funding fee is lowered to .50% and the fee can either be rolled into the loan or paid for in cash with a lender credit.
The rates are extremely low now and a very popular option is to slightly increase the rate and receive a lender credit to help pay the closing costs and thereby keep your loan low without adding all the normal closing costs for other types of loans.
There are also 15, 20, 25 and 30 year mortgages as well as ARMS if you are interested.
I specialize in VA loans and have for almost 10 years. I am proud to assist our military community in saving money and paying off their mortgage as quickly as possible. For testimonials from past clients please refer to http://reviewbrentmendelson.blogspot.com/
It costs nothing to call and review options with a VA loan specialist.
Any questions or anything I can do to help in any way please do not hesitate to ask.
1st Mariner Mortgage