Va Irrrl Comparison Worksheet Details

Have you ever been in a meeting, or on a call, and needed to take notes but didn't have anything to write with? Or maybe you've had to record minutes and didn't have a pen and paper handy. Chances are you've resorted to using your phone or computer to take notes. While this is definitely an option, it's not always the most efficient way to take notes. Especially if you need to type out a lot of information. A better solution is using a worksheet form. Worksheet forms are designed specifically for taking notes, and they come in all different shapes and sizes. You can find them online or in software programs like Microsoft Word or Excel.

This table has got information regarding worksheet form. Our recommendation is that you look at this material before you decide to start editing the file.

QuestionAnswer
Form NameWorksheet Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesva irrrl worksheet fillable, va comparison statement, va loan comparison form, va loan comparison worksheet

Form Preview Example

VA INTEREST RATE REDUCTION REFINANCE LOAN

COMPARISON STATEMENT

VETERAN:

ORIGINATOR:

PROPERTY:

SPOUSE:

MONTHLY SAVINGS: OLD LOAN VS. NEW LOAN

 

 

OLD LOAN

PROPOSED LOAN

 

VA Loan #

 

 

 

 

 

 

Month & Year Originated

 

 

 

 

 

 

Interest Rate

(1)

 

 

 

 

 

Loan Term

(2)

 

 

 

 

 

Fixed Rate or ARM

 

 

 

 

 

 

Original Loan Amount (including funding fee)

 

 

 

 

 

Principal & Interest Payment

(3)

 

 

 

 

 

Tax & Insurance Payment

 

+

+

 

 

 

PITI Payment

(4)

=

=

 

 

 

MY ESTIMATED MONTHLY SAVINGS (OLD PITI MINUS NEW PITI):

 

 

A

 

 

 

 

 

 

 

TOTAL COSTS FOR THE NEW LOAN

Proposed New Loan Amount (including funding fee)

 

 

 

Current Principal Balance (Old Loan)

-

 

 

Financed Cost of the New Loan (New Loan Amt minus Old Loan Balance)

=

 

 

 

 

 

 

Out-of-Pocket Cost of the New Loan (POC or cash brought to closing)

+

 

 

 

 

 

 

MY ESTIMATED TOTAL COSTS FOR THE NEW LOAN:

 

B

 

 

 

 

VETERAN'S CERTIFICATION & STATEMENT OF UNDERSTANDING

Due to financed closing costs, I understand that the principal balance of my proposed loan will increase

by approximately

 

, and that

I will pay

approximately

 

 

in out-

 

 

 

 

 

 

 

 

 

 

 

 

of-pocket closing costs.

I also

understand

that with

the

estimated

 

 

in

monthly savings on my house payment, that it will take approximately

 

 

months

 

 

 

 

 

 

 

 

 

 

 

 

or

 

 

years

to recoup my estimated total

costs for the

new loan ( B divided by A).

 

 

 

 

(

) currently occupy,

or (

 

) previously occupied

I certify that I

(check one)

 

the property referenced above as my primary residence.

 

 

 

 

 

________________________________________

_________________________________________

Veteran

 

 

 

 

Date

Spouse

 

 

 

Date

________________________________________

OriginatorDate

(1)The interest rate on the new loan must be lower than the interest rate on the old loan unless the old loan is an ARM and the new loan is a fixed rate.

(2)The maximum loan term is the original term of the old loan plus 10 years, with the maximum maturity date being 30 years and 32 days from date of closing.

(3)The P & I payment on the new loan must be less than the P & I payment on the old loan unless one of these exceptions applies:

(a)the old loan is an ARM and the new loan is a fixed rate, or (b) the term of the new loan is shorter than the term of the old loan, or

(c)allowable energy efficient improvements are included in the new loan.

(4)If the monthly payment (PITI) increases by 20% or more, the lender must:

(a)determine, and (b) include a certification, that the Veteran qualifies for the new monthly payment.

VA IRRRL Comparison Old vs. New 12-21-04.xls