What is an “IRRRL”, and how can I get one?
The IRRRL, or Interest Rate Reduction Refinancing Loan, sometimes goes by the names “Streamline Refinance,” or “VA Streamline.” What’s incredible about this new loan refinance program is that it was introduced by the VA expressly to keep veterans in better mortgages. An IRRRL is also available to ANY veteran with a current VA mortgage Loan. What makes the IRRRL loan so impressive is that when you’ve responsibly made your monthly home mortgage payments and haven’t had more than 2 reported 30-day late payments on your mortgage in the last year, you can very likely use a VA IRRRL to LOWER YOUR INTEREST RATE without needing to re-qualify! IRRRL Mortgages are often used by veteran homeowners that want to refinance into a fixed rate from their Adjustable Rate Mortgage or Variable Mortgage before it adjusts, and by veterans who see an opportunity to lower the interest payment on their fixed rate mortgage by getting an IRRRL. A few of the amazing and exciting benefits of the VA IRRRL Refinance
