What is a VA IRRRL Refinance?

Streamline Your Savings: VA IRRRL – The (Almost) Too-Good-To-Be-True Refinance Option

Feeling the pinch of rising interest rates? Want to lower your monthly mortgage payment or switch from an adjustable to a fixed rate? If you have an existing VA loan, the answer might be closer than you think – and easier than you imagine. Enter the VA Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline.

What is a VA IRRRL?

Think of it as a turbocharged refinance built for veterans. It allows you to refinance your current VA loan to a new one with potentially lower interest rates, reduced monthly payments, or a switch to a fixed rate for more predictable payments. The best part? It’s often a streamlined process compared to traditional refinancing, thanks to its:

  • Minimal paperwork: No appraisal required in most cases, saving you time and money.
  • Faster processing: Simplified verification process leads to quicker loan approval.
  • Flexible terms: Borrow up to your current loan balance, plus up to $6,000 for energy-efficient home improvements.

Who is eligible?

If you have an existing VA loan, you’re likely eligible. However, some key things to remember:

  • Your current loan must be current with payments.
  • You must meet your lender’s requirements.
  • If you are going from a fixed to a fixed loan, you must drop your rate at least a half percent.

Is it right for you?

A VA IRRRL can be a game-changer, but it’s not a one-size-fits-all solution. Consider these factors:

  • Current interest rate: If your rate is already low, the savings might not be significant.
  • Closing costs: Weigh the potential savings against the upfront costs of refinancing. There may be low cost or no cost options out there for refinancing
  • Long-term goals: Are you planning to sell soon? Refinancing might not make sense.

Ready to streamline your savings?

Here’s your action plan:

  • Get a Quote: Find out what interest rates are and what the cost of refinancing would be.
  • Gather your documents: Be prepared to provide basic information about your finances and property.
  • Talk to a VA loan expert: They can guide you through the process and ensure you get the best deal.

Find out if an IRRRL is right for you! #VAIRRRL #Refinance #VeteransBenefits

For more information on VA IRRRLS check out our article on VA Streamline IRRRL Refinance.

This Post was written by Paul Collier- VA Loan Expert

Feel free to call to get a quote on what rates are available for a VA IRRRL 714-904-4617

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