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IRRRLs are great opportunities for Veterans to save on mortgages – that’s why predatory lenders are trying to take their savings

Phil Stevenson isn’t just the Mortgage Nerd – he’s also a Veteran.

From 2002 to 2004, Phil had the honor of serving with the US Army Reserve in Afghanistan and Iraq, building comradery with our troops only those who’ve fought can understand.  Being side by side with his Brothers and Sisters in Arms means something to him, which is why he takes the “#1vet2another” motto to heart.

PS Mortgage Lending is devoted to our military service men and women and one way to show support is ensuring they get the best out of Interest Rate Reduction Refinancing Loans (IRRRLs).  With all the possible savings associated with IRRRLs, it’s common to see predatory lenders taking advantage of unknowing Vets.  Big banks and lenders, even companies with names associated with branches of the military, seem to all offer refinancing that doesn’t give our troops what they deserve so the lenders can make an easy profit.


Because you’re talking to a loan officer whose job is to pump out as many applications as possible.  But success is about more than just filling out apps, it’s about helping others.  That’s how PS Mortgage Lending measures success; we do right by our clients, save them money, they give us new referrals, and the process repeats those referrals.

Here are some things you should always know when looking into IRRRLs:

  • IRRRLs drop interest rates at least .5%
  • There’s limited credit checks, employment checks, or appraisal renewal fee (some guidelines have changed during COVID-19)
  • The only cost is the closing cost, but it can’t exceed what your IRRRL will save you in 36 months
  • VA Funding Fee reduced to .5% no matter what your new amount is
  • VA Disabled Vets of 10% or more are exempt from VA Funding Fee
  • Find out how much discount points will actually save, their fees could exceed the discount

Every IRRRL is going to be a little different than the next, but PS Mortgage Lending sees this as an opportunity.  On top of that, Phil is not only committed to Veteran-owned businesses in the community, but he pushes PS Mortgage Lending to cater to those who’ve served.  As a direct lender and broker, Phil is able to go the extra mile for his fellow Veterans, offering special discounts in tribute to their bravery.

From #1vet2another, it’s the least Phil can do.

PS Mortgage Lending would like to thank YOU for your service!

Are you a Veteran or know a Vet who could benefit from an IRRRL?

Reach out to Phil Stevenson and the Expert Mortgage Team at PS Mortgage Lending to see how you can benefit!

And subscribe to Mortgage Nerd’s YouTube Channel with more tips on how to save money on your mortgage.

We think outside the box, to help those who don’t fit in the box…

Speak to one of our experts today.

PS Mortgage Lending (888) 845-6630 Español: (305) 791-4874  NMLS# 968090