When thinking about the IRRRL program, the first thing to know is that the VA doesn’t actually lend you money, they only insure your loan against loss. The VA has a network of VA approved lenders who have the authority to lend money under the IRRRL program or other VA approved loan programs and then the lender works directly with Veterans to loan them money.
When you originally got your VA loan (if you don’t currently have a VA loan, you aren’t eligible for the IRRRL program), you already worked with a VA approved lender – they helped you get your original VA loan. VA approved lenders come in all sizes – from the big national banks to small mortgage brokers – size doesn’t really matter when it comes to being a VA approved lender.
IRRRL Lenders: Free To Choose
When it comes to participating in the IRRRL program, you are free to work with whatever VA approved lender you choose. Just because you currently make your payment a particular lender doesn’t mean that you have to work with them to do a VA IRRRL – any VA approved lender can help you. If you like your current lender, you certainly can choose to work with them to do an IRRRL, but you are also free to go outside of your current lender for help.
Get The Best Deal On An IRRRL Refinance
The main two reasons to speak with multiple lenders when considering an IRRRL refinance are: guideline differences and rate and fee differences. First, each lender doesn’t have the same guideline overlays when it comes to the IRRRL program. Some lenders will require an appraisal, some won’t. Some lenders will require a minimum credit score, some won’t. Second, each lender sets their own IRRRL rates and fees – and you might be surprised at how much you can save just by shopping around a little. Getting a written IRRRL quote from multiple VA lenders is easy and is the easiest way to save money on the IRRRL refinance.
Start here – submit your information and get matched up with a VA approved lender today!