If you’re aware, of course, in the last 30 to 60 days, we saw interest rates hit the highest that they’ve been in decades. Now, recently, rates have pulled back quite a bit.

My name’s Evan Kaufman, VA loan originator. I’m a veteran myself, love a group for military family; it’s about all I do. Recently, we’ve seen interest rates pull back quite a bit. So, if you purchased a home with a VA loan or any other type—conventional, FHA—but mainly, I’m talking to folks with VA here, if you happened to purchase a home earlier this year, in the past few months, or earlier in 2023, you know the interest rates have pulled back quite a bit to where it might be worthwhile to look at having the potential of doing an interest rate reduction refinance loan.

What is that? I like to say it’s a VA IRRRL or your favorite Uncle Earl. It’s that opportunity for you to go back and save some money on your mortgage. A VA loan is the only loan type that has an interest rate reduction refinance loan, and what that means is you have the ability to streamline refi, where you don’t have to pay for an appraisal. There’s minimum income verification work or credit checks. The main thing we got to do is make sure you just haven’t missed a payment.

Think of it this way: the VA essentially said, “Hey lender, if you guys are going to still do this loan and we can save that veteran some money, we’re guaranteeing it anyway, so please lower that payment if it’s possible.” And with rates having pulled back, it’s definitely possible for a lot of folks who have bought here in early and mid-2023, especially if your rates are in those high sixes and sevens. It can be very worthwhile to give me a call and see if we can get you taken care of for an interest rate reduction refinance loan. Really, if you’re in the sixes or the high sevens, trust me, it’s worthwhile. We’ve got some really good deals going for interest rate reduction refinance loans over the next 30 to 60 days because we’ve just seen a good reduction in interest rates.

My name’s Evan Kaufman, again, your VA loan originator. Please feel free to reach out; we’ll get you taken care of. Take care.