VA streamline refinances are also called Interest Rate Reduction Refinance Loans (IRRRL). Loan refinances are a great way to take advantage of lower interest rates. VA IRRRLs require less paperwork than conventional refinances and allow veterans who qualify to get better rates, better terms, or switch from adjustable rate to fixed rate.
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Also known as a VA Streamline Refinance, the IRRRL allows you to refinance your existing mortgage without having to re-qualify for your loan. The application, credit check, and appraisal portions of the loan are simplified to allow homeowners to lower their interest rate and start saving as quickly as possible.
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If you have a VA loan, you can try an IRRRL, or Interest Rate Reduction Refinance Loan. Like the FHA Streamline, this one.
VA Streamline Refinancing (IRRRL) The Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is one of the best options for homeowners who already have a VA Loan and would like to refinance into a lower interest rate and lower their monthly mortgage payment.
Impac’s VA Interest Rate Reduction Refinance Loan (IRRRL) is designed for the rate/term refinance at a reduced interest rate of an existing insured VA loan on an owner occupied primary residence up to a maximum of 115% LTV. Loan must meet VA QM guidelines (Safe Harbor or Rebuttable Presumption). Loans closed on or after 12/1/16
VA loans are a special loan program designed specifically for veterans, issued by approved lenders and guaranteed by the federal government. The VA Streamline Refinance is the most common loan type within the VA loan umbrella, and is officially known as an Interest Rate Reduction Refinance Loan (IRRRL) by the government.
The VA Interest Rate Reduction Refinance Loan (IRRRL) sounds like it’s one of those crazy Government programs that has more acronyms than benefit to homeowners, but that’s not the case with this incredible Veteran’s only streamline refinance loan.
VA Refinance Loan Options.. (IRRRL)) A VA streamline refinancing loan allows you to reduce your monthly payment or shorten or extend the term of a VA loan. Minimum documentation is needed as the VA does not require a credit check or appraisal (some lenders may require these).