Va IRRRL Benefit Statement

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Private Lending & Conventional Mortgage Advice
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Va IRRRL Benefit Statement

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Member since 2022 · 10 posts · 3 votes

          Hello BP!

I have been receiving letters informing me that my "VA guaranteed loan has been tagged for inclusion in our VA IRRRL program".

I called the number on one of the letters (I've received many), and the call cut out shortly after speaking with someone, so it seems a little sketchy. Has anyone ever delt with this or even heard of it?

  Thank you in advance

     Dan

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Ty CouttsBusiness Member
Lender · Denver, CO · Member since 2022 · 467 posts · 230 votes
2y

Hello Dan Breen,

It sounds like you've received notifications about your VA guaranteed loan potentially being eligible for the VA IRRRL (Interest Rate Reduction Refinance Loan) program. The VA IRRRL is a refinancing option offered to veterans and service members with existing VA loans to lower their interest rates and reduce their monthly payments. While the VA IRRRL program itself is legitimate and beneficial for eligible borrowers, it's crucial to verify the authenticity of the communications you receive. Take steps to confirm the source independently before proceeding further.

My best piece of advice would be to contact your lender instead of relying on callbacks from letters or unknown numbers, contact your current mortgage lender or a trusted VA-approved lender directly. They can verify your eligibility for the VA IRRRL and guide you through the process without the risk of dealing with potential scams.
If you have more questions or need further assistance, feel free to ask. Good luck!

[email protected]719-641-5169
Ty Coutts - Aslan Home Lending 543 Reviews
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  • Ty CouttsBusiness Member
    Lender · Denver, CO · Member since 2022 · 467 posts · 230 votes
    2y

    Hello Dan Breen,

    It sounds like you've received notifications about your VA guaranteed loan potentially being eligible for the VA IRRRL (Interest Rate Reduction Refinance Loan) program. The VA IRRRL is a refinancing option offered to veterans and service members with existing VA loans to lower their interest rates and reduce their monthly payments. While the VA IRRRL program itself is legitimate and beneficial for eligible borrowers, it's crucial to verify the authenticity of the communications you receive. Take steps to confirm the source independently before proceeding further.

    My best piece of advice would be to contact your lender instead of relying on callbacks from letters or unknown numbers, contact your current mortgage lender or a trusted VA-approved lender directly. They can verify your eligibility for the VA IRRRL and guide you through the process without the risk of dealing with potential scams.
    If you have more questions or need further assistance, feel free to ask. Good luck!

    [email protected]719-641-5169
    Ty Coutts - Aslan Home Lending 543 Reviews
    WebsiteView Page
    1Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 694 posts · 237 votes
    2y

    Definitely agree! A VA IRRRL is a great benefit for veterans, just make sure to sort through the lenders that you speak with. Make sure they are someone qualified to help for this!

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group547 Reviews
    WebsiteView Page
    1Reply
  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    2y

    Aloha Dan, 

    I specialize in all things VA lending. First, I would echo what Ty said with the emphasis that the call you received was likely a skeezy lender just trying to get you on the phone, find out what your interest rate is, etc, and try to beat it. I would contact your original lender initially, as well as to contact a local mortgage broker. Having been a branch manager at a mortgage bank and then crossing over to Mortgage broker side, I can tell you a mortgage broker typically has significantly better rates than a mortgage bank. Feel free to reach out, Im only licensed in HI and WA state (so not trying to steer you to any company) but I'm always happy to help out fellow veterans/answer any questions you might have.

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
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  • Patrick Roberts
    Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
    2y

    "We've been trying to reach you about your car's extended warranty"

    98% probability that this is spam from some bait and switch lender who's also buying trigger leads by the metric ton. If your original lender took care of you, call them first. If not, get referrals for a lender from people whose judgment you trust. Just my $0.02. 

    1Reply
  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    2y

    Hey Dan, 

    Forgot, one last thing. All things being equal (interest rates, fees, etc) I would recommend going with a veteran LO. You know how it was when you got out. At least for me, I always try to do business with fellow vets and give them the tie breaker if two companies are the same... Im always going with the vet if all things are equal. 

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
    WebsiteView Page
    1Reply
  • Account Closed
    OP
    Member since 2022 · 10 posts · 3 votes
    2y

    Hello TY, Derek, Elias and Patrick,

    Thank you all for confirming that it is actually real. The letters I've received were the first time I've ever heard of the IRRRL. I've called my mortgage company about it. I was told I would get a call back about it but haven't.

      I take it that it's safer to just assume that any letter from or call from a random number is most likely some kind of rip off?  

      Again, thank you all it is very much appreciated.

    0Reply
  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    2y

    Not necessarily a rip off, but they often they will promise anything and not deliver. Best to get multiple quotes ie 3-4 different lenders. If you have good credit you should be able to get in the 5.5-5.75% range for your refinance.  

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
    WebsiteView Page
    1Reply
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