VA Mortgage Refinancing in Minnesota | Upstream Mortgage
Lower Your Monthly Payments with VA IRRRL Refinancing
No hard credit pull necessary !! No income check !!
Check Your Eligibility Today
The VA IRRRL, also known as the “VA Interest Rate Reduction Refinance Loan,” offers a straightforward solution for veterans looking to refinance their current VA loan at more favorable terms.
With the VA IRRRL, there’s less documentation (no credit, income, or employment verification) and you might not need an appraisal. Closing costs also tend to be lower and can be rolled into your loan to eliminate upfront charges.
Benefits of VA Refinancing:
Lower interest rates
No private mortgage insurance (PMI) required
Flexible credit requirements
Cash-out options
Documentation needed:
Last mortgage statement
Current insurance binder
Note from last closing
Valid/current ID for all borrowers
Current VA IRRRL Requirements
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The borrower must currently have a VA-backed home loan.
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The property being refinanced must be the borrower’s primary residence.
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The borrower should have payment history of 6 months on the existing VA loan, with no more than one late payment in the past 12 months.
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The refinance must result in a tangible benefit to the borrower, such as a lower interest rate, lower monthly payment, or a move from an adjustable-rate mortgage to a fixed-rate mortgage.
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In most cases, a funding fee is required, but it can be included in the loan amount.
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IRRRL is designed for rate and term refinancing only; it does not allow for cash-out refinancing.
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In many cases, an appraisal or credit underwriting may not be required, making the process more streamlined.
Twin Cities Boutique Mortgage Brokerage
Ryan Yardley
NMLS# 1114522
Branch Manager
Upstream Mortgage is a boutique mortgage broker shop, based in Twin Cities of Minnesota. We are partnered with CFR Mortgage for access to elite wholesale relationships. We service MN, WI, and FL with expansion to other states coming soon. After having worked in large retail mortgage we realized there was far too much waste, and way too many human layers to the process, making it inefficient as well as expensive. We wanted our entire company to only have team members with the same experience, ethics, and vison. It is not easy to join Upstream Mortgage unlike every other mortgage company begging for loan officers. We are exclusive in regards to who is qualified to become a part of our organization.
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