We thank our veterans and proudly employ veterans at Counsel Mortgage Group.  Our veteran originators specialize in VA loans and have closed many VA loans.  Recently some of our clients have contacted us questioning why they’re being heavily solicited.  Truth is, many lenders know the VA Interest Rate Reduction Refinance Loan (know in lending as IRRRL) requires minimal effort to process and close. Be careful, and make sure the refinance benefits you, the veteran, not the lender.

To be eligible for the loan you must already have VA loan, are using the IRRRL to refinance the VA loan, and certify you live  or used to live in the home covered by the loan. You can get an IRRRL to lower your monthly payment by lowering your interest rate.  You do have an option to make your payment more stable by moving from an adjustable rate to a fixed rate mortgage.

IRRRL do not required documentation of income nor appraisals  in many instances. Your current mortgage loan must not be 30 days past due at the time of application and be current prior to closing.  The loan must result in a net tangible benefit to you, which if you are refinancing from a fixed rate loan into another fixed rate loan, means an improvement in rate by at least 50%.  The new note date must be 210 days or more after the date of the first payment due date on the loan being financed.

If you think you can benefit from an IRRRL, contact us and we can help you.


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Counsel Mortgage Group®, LLC
NMLS #178927
AZ MB #0909580
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