What is a VA IRRRL?
When you have a VA loan, you may be able to lower your rate with the VA Interest Rate Reduction Refinance Loan (“IRRRL”) program. IRRRL is also called a streamline refinance.
VA streamline refinances are a great way to save money or lower your monthly payment with less paperwork and quicker closings. By refinancing, the total finance charges may be higher over the life of the loan. To save money on interest, keep your loan term and monthly payment the same!
Freedom Mortgage is the #1 VA lender1 in the United States. We are committed to helping veterans and active duty military personnel refinance their homes. Talk to our experienced Loan Advisors today by calling 844-267-6544 or Get Started online.
1 Inside Mortgage Finance, January to June 2020
Benefits of a VA streamline refinance
- Lower rates. A lower rate can help you reduce your monthly payment or save money in interest over the life of the loan. Use our VA refinance calculator to estimate your savings.
- Better terms. You can switch from an adjustable-rate to a fixed-rate mortgage with an IRRRL, and change other terms too.
- Low funding fee. The funding fee for IRRRLs is just 0.5% of the loan amount. Disabled veterans and some surviving spouses may not need to pay this fee.
- No home appraisal. In most cases, you do not need a new appraisal to estimate the current value of your home. This saves time and the appraisal fee.
- No income verification. You won’t have to send us documents that show your current income.
- No credit check for current Freedom Mortgage customers. If you currently have your VA loan with us, we don’t need to check your credit*.
- Faster closings. Our VA loan specialists will help you refinance your home quickly and easily.
* A credit pull would be required if the monthly mortgage payment increases by 20% or more.
Current VA IRRRL Rates
The interest rate you might get from Freedom Mortgage is affected by your personal finances, your loan amount, market conditions, and more. Your IRRRL rate may be higher – or lower – than the rates you see online with other lenders. We are dedicated to offering veterans, active duty personnel, and surviving spouses competitive interest rates. Ask us the rate we can offer on your VA streamline refinance by calling 844-267-6544.
Estimate your savings with our VA IRRRL calculator
Interest Rate Reduction Refinance Loans make it easier for you to lower your payment or save money over the life of your loan. How much you might save depends on your current interest rate, the new interest rate you might get, the closing costs, how long you will own your home, and more. Use our refinance calculator to estimate your savings.
How to use the VA IRRRL calculator
VA IRRRL eligibility requirements
Eligibility requirements for a VA loan refinance
Already have an existing VA loan (which means you do not need to show proof of veteran status with your COE).
Be current and on time on your loan.+
Refinance to a lower interest rate, move from an Adjustable to Fixed rate or want to reduce your loan term.+
Not need any cash out of your home.+
Certify you have lived in the house as your primary residence.
Freedom Mortgage is the #1 VA lender1 in the United States. We are committed to helping veterans, active duty military personnel, and surviving spouses who qualify enjoy the benefits of refinancing their homes with the IRRRL program. Talk to our experienced Loan Advisors today by calling 844-267-6544 or Get Started online.
1. Inside Mortgage Finance, 1Q2020
What Our Customers Say
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Veterans, active duty personnel, and surviving spouses are eligible.
How VA loans make financing a house more affordable for veterans
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