VA IRRRL Refinances
- Only VA homeowners eligible
- Less paperwork, faster closings
- No mortgage insurance
- Funding fee required
Conventional Refinances
- All homeowners eligible
- More paperwork, slower closings
- No mortgage insurance with 20% equity
- No funding fee
FHA Streamline Refinances
- Only FHA homeowners eligible
- Less paperwork, faster closings
- Mortgage insurance required
- No funding fee
Save with a Lower VA Rate
Lowering your rate can help you lower your monthly payment and put more cash in your pocket. Or you can keep your payment the same, pay off your VA loan faster, and save money on interest. Our VA loan advisors are ready to help you!
How Much Can You Save?
Find out how much you might save by refinancing your home to a lower rate with a VA loan. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!
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Get your calculator results delivered to your email
Let us help you secure the cash you need for your financial goals. Fill out the form below and one of our licensed Loan Advisors will contact you.
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A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.
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Based on the values you entered, refinancing might save you
$ a month*
Take the Next Step
- Learn more about refinancing
- Learn more about applying for a mortgage
Explore the VA IRRRL Refinance Process
Ask If You're Eligible
To get a VA streamline refinance, you need to be a VA homeowner and you need to get a real benefit from refinancing—usually by lowering your mortgage rate. Ask us if a VA IRRRL can help you.
Apply for an IRRRL
When you apply for a VA streamline refinance, there’s no appraisal, no income verification, and no credit check. That makes the process of lowering your rate faster and easier.
Get Approved Faster
Once your application is complete, you’ll need to meet the loan requirements and our financial standards to get approved. Freedom Mortgage can often help VA homeowners close their IRRRL refinances in 30 days.
Get a Lower Rate
Once you are approved, you’ll need to close your refinance to get your new rate. You’ll probably need to pay a 0.5% funding fee for your VA IRRRL. You can often add this fee to your loan amount so you don’t need to pay it in cash at closing.
VA IRRRL Refinance FAQs
Find answers to common questions homeowners ask when they are thinking about VA refinancing.
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The Department of Veterans Affairs created the VA IRRRL program to help VA homeowners refinance their VA loans more easily. IRRRL stands for “Interest Rate Reduction Refinance Loan.” IRRRLs can also be called “VA streamline refinances.”
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To be eligible for an IRRRL, you must have bought your home with a VA loan and benefit from refinancing. You must also have a history of making your loan payments on time, pay the funding fee and other closing costs, and meet the occupancy and loan seasoning requirements.
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There are no limits on the number of times you can refinance your home with a VA IRRRL. You must wait a minimum period of time between refinances, which is called “loan seasoning.” You’ll also need to get a real benefit from refinancing each time you apply, which is sometimes described as a “net tangible benefit.”
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Most VA homeowners pay a 0.5% funding fee when they refinance their home with a VA IRRRL. You may need to pay lender fees, discount points, or other costs, too.
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The VA IRRRL rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, the current mortgage market, and other factors.
We may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what VA rate we can offer you by calling 877-220-5533.
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Get started on a VA IRRRL in minutes by filling out our webform. We’ll help you apply and work with you every step of the way to make refinancing your home simpler.
Benefits of the VA Home Loan Program
How VA Loans Make Financing a House More Affordable for Veterans
Benefits of the VA Home Loan Program
How VA Loans Make Financing a House More Affordable for Veterans