If you currently have a VA loan with GMAC, you may have been alerted to something called the VA streamline refinance (also called a VA IRRRL) and wondering “what exactly is this VA IRRRL thing anyway?”
The good news is that if you currently have a VA loan, you may be eligible for the VA IRRRL program and you have a choice whether to use GMAC to help you refinance under the program or you could also go with a different lender who can help you get qualified.
GMAC VA IRRRL Streamline Refinance
Regardless of whether you go with GMAC or another lender (like Bank of America or Wells Fargo for example) one of the most important things you can do to save you money is to get multiple quotes for the IRRRL program from multiple lenders. Depending on any number of factors, getting a mortgage quote from a lender doesn’t take all that much time – and with just a little bit of effort, you can easily know what the best “deal” any particular lender has.
The lender will issue you a formal quote (called a Good Faith Estimate) and this quote should be in the same format from each lender. Once you have multiple quotes from multiple lenders, you can easily see which one is the best one.
Is the GMAC VA IRRRL streamline refinance program real? Yes, it is real – just make sure that you shop around for the best deal!
Want to speak with a VA lender? Complete your information below and we’ll match you with a VA IRRRL expert that can help you find out if the IRRRL refinance program can save you money each month. The best thing that you can do if you are interested in the VA streamline is to speak with multiple VA approved lenders about your situation. Each VA lender will have slightly different requirements as well as different rates and fees. Because each one is different, the easiest way to get the best deal is to speak with multiple, get multiple quotes and then pick the lender who can best help you in your situation. Get started by submitting your information below!