Case Study #3 – VA Streamline with a Lower Payment and Lower Rate

Top notch team – hands down. I couldn't be happier with my decision to finally respond to a VA Rate Reduction Loan flyer I received in the mail. Given the historically low rates currently being offered, I decided to explore options. I spoke with six different agencies, a couple of which are highly rated on mainstream sites. The Moreira Team, then an unknown entity to me, was the second of the six with whom I'd spoken. The moment I ended my phone call with Al, I told my wife I was comfortable going with them right away. I'd done a bit of research before making calls, but played the ignorant consumer. Al knew what he was talking about, and he was honest. My wife and I decided it was best to explore further. Our biggest concern was the location of the Moreira Team, as we reside in a different state. In the end, however, we made the best decision. Every representative of the team with whom I'd corresponded, was extremely kind, knowledgable and responsive. The Moreira Team made this process absolutely seamless. I've already recommended them to a few friends also interested in taking advantage of the current rates. If you're looking for a solid team, look no further. You will not be disappointed!

G. FersG. Fers

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.