Interest rates are at historic lows, so how does that impact Veterans? Navy Veteran John Bell, Deputy Director of VA Loan Guaranty Services, joins Borne the Battle to break down VA Home Loans and Interest Rate Reduction Refinance Loans (IRRRLs). Bell answers questions about choosing a lender, refinancing and how VA refinance loans aim to keep Veterans in their homes.
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READ MORE: https://blogs.va.gov/VAntage/88134/borne-battle-240-benefits-breakdown-interest-rate-reduction-refinance-loan-irrrl/
0:00 – Intro
10:10 – Competing Factors for the VA Home Loans
12:30 – Making Sure the Loan Remains Competitive
12:53 – Automated COE Capabilities and Certificate of Eligibility Capabilities
13:53 – Extensions of Moratoriums and Time to Submit CARES Act Forbearance
17:53 – What is the IRRRL Supposed to Do?
19:03 – What are Some Good Times to Refinance?
21:17 – Cash Out Refinance Loan
22:50 – Times Equity Can Be Used in Your Home for Good
25:13 – How Do IRRRLs Work?
28:07 – It’s Not All About Rate
30:22 – Closing an IRRRL
30:30 – Negotiating Closing Costs
32:06 – Taxes
35:18 – Effective Strategies to Shop for the Best Rate
41:16 – Sorting Through IRRRL Mailers
44:04 – Closing