In This Article:
Better.com launches streamlined refinancing solution to empower eligible veterans and active-duty service members to reduce monthly payments
NEW YORK, November 11, 2024--(BUSINESS WIRE)--Better Home & Finance Holding Company (NASDAQ: BETR) ("Better.com"), the leading digital homeownership company, today announced the addition of VA Interest Rate Reduction Refinance Loan (VA IRRRL) to their suite of mortgage products. VA IRRRL is a streamlined refinancing solution designed specifically for eligible veterans, active-duty service members, and surviving spouses. This program, backed by the US Department of Veteran Affairs, allows borrowers to refinance their existing VA loans with no appraisal, asset or income verification requirements, and offers easier credit qualifications allowing homeowners to secure lower interest rates and reduce their monthly payments on an expedited timeline.
The VA IRRRL is a refinancing option available through the VA loan program for eligible active-duty service members, veterans, and their surviving spouses. This program simplifies the refinancing process by reducing paperwork and eligibility requirements, allowing you to lower monthly mortgage payments through a reduced interest rate or to secure a fixed rate instead of an adjustable or variable rate.
Better.com has digitized and automated the VA IRRRL process, reducing time and costs—to deliver greater value to Veterans. Whether you prefer a fully digital experience or want guidance from a loan officer, Better.com adapts to your needs. This is especially beneficial for active-duty service members and veterans, who can complete the entire loan process online, close remotely whether deployed overseas or at home, and take advantage of extended call center hours. Additionally, they can access Betsy™, Better.com’s voice-based AI loan assistant, with 24/7 support to answer loan questions.
"At Better.com, we are committed to honoring veterans for their service. The addition of VA IRRRL allows Better to give back to veterans and their families through mortgage offerings that make homeownership simpler and more affordable," said Vishal Garg, CEO of Better.com. "As we look ahead with optimism to a more favorable interest rate environment, we are proud to simplify the refinancing process for veterans, helping those who have served our country save money and secure their financial future."
This program is ideal for homeowners looking to lower their monthly payments, lock in a better interest rate, or to switch to a fixed rate from an ARM or variable rate. To qualify, borrowers must currently hold a VA loan in good standing. The VA IRRRL features a fixed-rate loan option and a reduced funding fee of 0.5%, which can be waived for certain disabled veterans and surviving spouses. Additionally, closing costs can be conveniently rolled into the new loan, eliminating out-of-pocket expenses.