VA Interest Rate Reduction Refnce Loans (IRRRL)
What is a VA IRRRL?
IRRRL or Interest Rate Reduction Refinance Loan is a loan also referred to as VA Streamline Refinance, or VA to VA refinance. Typically the IRRRL is used to lower the interest rate of your home if you already have a VA home loan in order to reduce your monthly payment. IRRRLs can also be used to convert an adjustable rate loan into a fixed rate loan. A VA IRRRL is a “no money out of pocket” refinance loan, meaning the costs of refinancing can be added to the loan or paid by the lender.
Benefits of a VA IRRRL
- Quick and easy processing
- No Income or documentation
- No appraisal required
- Costs can be added to the loan, paid by the lender or paid out of pocket at closing
- Lower interest rates than most other mortgage products