NEWSLETTER
VA HOME LOAN NEWS ON: FACEBOOK | TWITTER | FORUM
|

The VA Interest Rate Reduction Refinance Loan: aka IRRRL, aka VA Streamline Refinance

If you currently have a VA Loan and haven’t refinanced in the past year or two, with current 30 year fixed VA rates hovering around 3.5% you could probably lower your rate and save a chunk of change each month.  Odds are your best option is most likely a VA IRRRL (Interest Rate Reduction Refinance Loan) otherwise known as a VA Streamline Refinance.  An IRRRL refinances your existing VA mortgage into a new one at a lower interest rate.  You can also refinance from an adjustable rate mortgage (ARM) into a fixed rate mortgage, even if the fixed rate is higher than the current rate on your ARM.

You don’t have to use the same lender that currently services your mortgage for a VA IRRRL.  You can use any VA approved lender that offers the VA IRRRL.  It is in your best interest to check with other VA lenders to see if they can give you a lower rate than your current mortgage servicing company.

The requirement for a VA Streamline Refinance are pretty easy and straight forward (as far as mortgage loans go).  Here are the basic eligibility requirements for an IRRRL loan:

  • Must be refinancing an existing VA Loan into a new VA Mortgage.
  • No late payments in the past 12 months.
  • Must certify that you have been occupying the property.
  • Cannot take more out on your new loan than what you currently owe.  However, closing costs can be added to the new loan so there is not any cash out of pocket to refinance

Short URL: http://www.vahomeloannews.com/?p=942

The views expressed herein are the views of the author exclusively and not necessarily the views of VHLN or any other VHLN authors, affiliates, advertisers, sponsors or partners. Notices

Posted by on Sep 3 2012, With 0 Reads, Filed under General, General News, Lenders, Refinance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
Get Your Loan Now
Apply for VA Loan Now
Education
Get Your Loan Now
Get Your Loan Now
Get Your Loan Now
Apply for your VA Home Loan Now
Apply for your VA Home Loan Now
Apply for your VA Home Loan Now
Apply for Jobs on HireVeterans.com Now
Apply for Jobs on HireVeterans.com Now
Apply for Jobs on HireVeterans.com Now
body mind baja

COMMENTS

To post a comment, you must login using Facebook, Yahoo, AOL, or Hotmail in the box below.
Don't have a social network account? Register and Login direct with our site and post your comment.
Before you post, read our Comment Policy - Legal Notice


Comments Closed

1 Comment for “The VA Interest Rate Reduction Refinance Loan: aka IRRRL, aka VA Streamline Refinance”

  1. I,ve look’d at a VA refi, but the cost is just too great! Last company I had out I’d end up owng $10,000 more on a loan thats under 200 Grand. I just don’t see it?

Comments are closed

 

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Join Our Daily Newsletter
  View Newsletter ARCHIVE

WHAT'S HOT

  1. BB&T Bank Posts Lower Mortgage Rates than US Bank Today – April 22
  2. Volunteer Docs – Dentists Fill Holes In Vet Coverage
  3. How Does a VA Loan Work?
  4. Five Things Worth Going into Debt For
  5. Buy Yourself a Home, Helped By VA Mortgage Loan
  6. Mortgage Rates Today: Better Deals at Capital One, HSBC and BB&T Banks (April 11)
  7. What a $200,000 Mortgage Will Cost You
  8. Veterans Protest VA, Report Shows Delayed Care and Deaths for Vets
  9. Senate Bill Would Expand Benefits For Caregivers
  10. VA Loans – If You Are a Veteran There Are Great Opportunities Available
  11. Why A Commonly Cited Statistic About Veterans’ Suicide Is Totally Misleading
  12. VA: Delayed Treatment Led to Cancer Deaths
  13. Mortgage Rates Flat Today at US Bank, SunTrust and Citi Mortgage (April 8)
  14. Veteran Specific Home Buyer Seminar
  15. The Things You Should Be Looking for in a New Loan
  16. VA Should Do Better Job of Informing Veterans of Property Tax Benefits, says Senator
  17. Veterans Affairs Tech Center Accidently Deletes 464,000 Home Loan Data Files
  18. Home Sellers: Leaving Out VA Borrowers Is Your Loss
  19. U.S. Veterans Get Amazing Mortgage Deal from VA
  20. Qualifications for Obtaining a VA Loan
  1. needfulthings: I,ve look’d at a VA refi, but the cost is just too great! Last company I had out I’d end...
  2. rlock67046: I’ve been waiting over 4 years, after the federal court remanded my claim back to the BVA. And Los...
  3. lomtevas: VA benefits are not wide ranging at all. A service member has to overcome two major obstacles in order to...
  4. lomtevas: This is rhetoric intended for election year bling. The federal government is the last place a veteran can...
  5. lomtevas: This is all bull*t rhetoric. No service member coming off of active duty with freshly lost income will...
Apply for VA Home Loan Now!

Archives