VA IRRRL

Refinance and get a lower interest rate
with an Interest Rate Reduction Refinance Loan.

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I WANT TO
BUY A HOME

I WANT TO
REFINANCE

What is your branch of Service?

What is your branch of Service?

What is the VA Streamline Refinance Loan (IRRRL)?

A VA Interest Rate Reduction Refinance Loan (IRRRL) allows those who have an existing VA Loan the opportunity to quickly refinance their loan and get a lower interest rate. The IRRRL was created by the VA to allow veterans the ability to capitalize on lower interest rates available today that may not have been available at the time of purchasing the house.

What are the benefits of a VA IRRRL?

  • Streamlined process with less paperwork required
  • Take advantage of lower interest rates available today
  • Most often your overall monthly payment will go down
  • Significantly less funding fee than traditional VA Home Loans
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What is the Funding Fee for the VA IRRRL?

The VA IRRRL is subject to a funding fee which is added to the total loan. These fees are paid to the Department of Veterans Affairs and are collected in order to offset the bank or lender's losses if you were to default on your mortgage. Unlike traditional VA Home Loans, these fees are significantly lower at 0.5% which can be bundled into the full loan amount. Exceptions are made when a veteran has 10% or greater disability or an active duty member has been awarded the purple heart.

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Can I Pull Out Cash with the VA IRRRL?

This type of loan does not allow you to pull out cash and can only be used on existing VA Loans. If you are in a conventional loan and want to lower your interest rate you will have to do a cash-out refinance. A IRRRL can be a great tool when looking to lower your monthly payments or make them more stable over time by switching from an ARM (adjustable rate mortgage).

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