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Saving $250 Month with a VA IRRRL Streamlined Refinance


Greg and Audrey D. | Sebastian, Florida |Streamline Refinance

Greg and Audrey Deslandes are snowbirds, with a winter home in Sebastian, Florida, and summer home in Connecticut, where they enjoy the cool, New England summer.

All winter, they enjoy an active West Florida lifestyle. In June, when their grandkids are out of school, they travel north to Connecticut where they own a small ranch-style home.

“We love to be here [in Connecticut] when the kids are playing baseball and doing other  summer activities,” Deslandes says, “But come November, we just close this house down and head to Florida.”

Summers in New England

Deslandes grew up in a small mill town in Connecticut and joined the Air Force in 1976, at age 17, just out of high school. “I did four-and-a-half years in special ops, assisting with air rescues,” he says. After he left the Air Force, he worked as a Connecticut State Trooper for 27 years.

Greg and Audrey purchased their first home in 1982, right after their twin daughters were born. After about 10 years, they purchased a larger home about 30 minutes away.

Then, in 2013, the couple decided they would be more comfortable in a smaller home, and swapped homes with one of their daughters.

Winters in Florida

Greg and Audrey purchased their Florida home with a VA Home Loan at 4.25% in early 2018. A year later, rates had dropped by at least 1%. They contacted their mortgage company to discuss, but they referred the Deslandes to another lender.

“I tried very hard to work with them,” Greg says. “They were offering a refinance with no closing costs and we were very interested in getting that done.”

Weeks went by with no word from the new lender. Greg left numerous calls and messages for them but he says, “They just went silent on me.”

Reaching Out to AMS

In the meantime, Deslandes requested rate quotes on a major website that connects borrowers to several lenders at once — allowing the borrower to see competitive offers side-by-side and engage with the most attractive ones. One of the Deslandes’ chosen results was AAFMAA Mortgage Service LLC (AMS), which connected them with Military Mortgage Advisor Scott Betz. “Scott was really helpful and responsive — he would return our call or email the same day. He’s also exceptionally good at following through, which is something you don’t see a lot of these days,” says Deslandes.

AMS offered the Deslandes a VA Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL does not require an appraisal or that the borrower provide income information to determine their debt-to-income ratio. Other than the lender’s minimum credit score requirement, the only other qualification is a history of timely mortgage payments.

AMS offered a 3.125% interest rate on their new loan, which was lower than the quote from the no-show lender, but they would have some closing costs. The new loan now saves the couple $250 a month after it closed in late 2019. “We factored everything in and realized we’d break even in just a few years, and then be gaining quite a bit,” Deslandes says.

“It’s been a great decision for our family.”

Use our calculators to help determine if refinancing is the best option for you.

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Established in 1879, the American Armed Forces Mutual Aid Association (AAFMAA) is the longest-standing, non-profit financial solutions provider supporting military families and veterans with advice, information, insurance, financial planning, investments, mortgages, survivor assistance, and other benefits.

If you’re interested in purchasing a home, or refinancing your current mortgage, call us at 844-244-0564 or contact us for current rates and additional details.

Please Note: the borrower story above is an actual customer's experience working with AAFMAA Mortgage Services LLC (AMS), and they were not compensated for their testimonial. Your actual loan experience may differ, and all loans are subject to credit approval and interest rates, terms, and fees will vary based on your credit, state, and type of loan. Please check with us for details.