The Client
Our client wanted to refinance his current VA loan.
- Loan Type – Refinance
- Program – VA Streamline (IRRRL)
- Loan Amount – $404,000
- Starting Rate – 3.625%
- Starting Payment – $2,362
- New Rate – 2.75%
- New Payment – $2,057
- Savings per month – $305
Client Requirement
The client wanted to refinance, using his VA benefits, to get a lower monthly payment with no out-of-pocket expense, and no appraisal needed. In addition to not coming out of pocket he wanted to keep his closing costs to minimum so he could preserve as much of his equity as possible. The mortgage payment needed to be low enough so his breakeven point would be realized in 24 months or less, since he was not 100% sure he would be in the current home past 48 months. So the deal had to be as attractive as possible.
Loan Challenges
During processing, we found out that a 3rd party lien was attached to the title of the property. Without clear title the loan could not be funded.
The Challenges
- Find out more about the property lien and work to get it removed as quickly as possible.
Our Solution
We worked with the attorney and title company to find proof that this lien was a mistake. Proof was sent to the abstractor and the lien was removed giving us a “Free & Clear” title. Working quickly and contacting the right people allowed us to fix the issue and get the loan funded.
The Results
We were able to help our client get a lower monthly payment, save thousands of dollars worth of interest over the life of the new loan. We were able to get this done without an appraisal or income check and the deal closed in just 17 days!
- Client was able to lower his payment $305
- The low rate we secured allowed him to save $69,353 in interest compared to his original loan.
- He was able to refinance with no appraisal, no income check, and had a breakeven point of 15 months.
- We closed in 17 days from our initial phone call.
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