NEWSLETTER SIGN UP >>>
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 Credit, Lenders. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
Apply for your VA Home Loan Now
Apply for your VA Home Loan Now
Get Your Loan Now
Get Your Loan Now
Apply for Jobs on HireVeterans.com Now
Apply for Jobs on HireVeterans.com Now
Austins School of Spa Technology
ME Online
slow aging
What Price Gold

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

 

Apply For $0 Down Home Loan

Step 1
Step 2
Step 3
Step 4
By Clicking “Begin”, You agree to our Terms of Service...
Get Started
Continue
Is There A CoBorrower?
Yes No
Continue
Continue

WHAT'S HOT

  1. Veterans Create Housing Boom
  2. 5 Mistakes of First Time Property Buyers
  3. Factors to consider when buying real estate
  4. Need To Sell House Quick? Try Property Buyers
  5. Choosing a Car Loan – know which suits you the best
  6. What Is Important to the Consumer in Carpet?
  7. Reconsider your decision to refinance unless you are actually saving your dollars
  8. Differences In Between Production Home Builders And Custom Homebuilders
  9. US Housing Regulator Keen On Enhanced Support For Financially Backward Borrowers
  10. The Beginning of a Beautiful Friendship
  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: This is rhetoric intended for election year bling. The federal government is the last place a veteran can...
  4. lomtevas: This is all bull*t rhetoric. No service member coming off of active duty with freshly lost income will...
  5. Managing Editor: We hope the info provided herein gives insight to the mortgage issues Americans face
Mortgage Rate Averages
Free mortgage rate averages by Bankrate.com
Mortgage Calculator

Archives