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Ask us what VA IRRRL rate we can offer you!

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, and the current mortgage market environment.

Freedom Mortgage 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 about our competitive VA IRRRL rates!

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Overview of VA IRRRls

The IRRRL program makes refinancing simple when you have an existing VA loan!

VA IRRRL refinances let you lower your rate and monthly payment with less paperwork and faster closings. (IRRRLs are also called “streamline” refinances.) Credit qualification is easy. There is no home appraisal and no income verification. And current Freedom Mortgage customers can keep their loan term the same when they choose us for streamline refinancing.

Use our VA refinance calculator to estimate how much you might save by lowering your VA rate. Keep in mind by refinancing, the total finance charges you pay may be higher over the life of the loan.

Freedom Mortgage is the #1 VA Lender in the United States according to Inside Mortgage Finance, January to June 2021.

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Lower payments

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Less paperwork

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Low funding fees

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Faster closings

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How much can you save?

Find out how much you might save by refinancing your home to a lower rate. 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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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

Refinancing might save you
$ a month

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Ask us what VA IRRRL rate we can offer you!

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, and the current mortgage market environment.

Freedom Mortgage 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 about our competitive VA IRRRL rates!

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Is VA streamline refinancing right for you?

To take advantage of IRRRL refinancing, you need to have a current VA loan and replace it with a new VA loan. You can also refinance a VA loan with a conventional loan.

To learn more about your loan choices, see our comparison below. Freedom Mortgage offers refinancing with conventional, FHA, and USDA loans as well as VA loans.

VA IRRRL (Streamline) Refinances

  • Only VA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance not required
  • Closing takes less than 30 days

Conventional Refinances

  • All loans are eligible
  • Application requires more paperwork
  • Mortgage insurance not required with home equity more than 20%
  • Closing takes more than 30 days
Learn more

FHA Streamline Refinances

  • Only FHA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance required
  • Closing takes less than 30 days
Learn more

USDA Streamline Refinances

  • Only USDA loans are eligible
  • Application requires less paperwork
  • Mortgage insurance required
  • Closing takes less than 30 days
Learn more

Looking for more detail?

Our full loan comparison table can help you decide.

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VA IRRRL refinance fees and requirements

To get your refinance approved, you will need to meet the eligibility requirements for a VA IRRRL as well as your lender’s credit, income, and financial standards. You will need to complete an application and pay closing costs too. Here’s what else you need to know about VA streamline refinancing.

Less documentation

When you apply for an IRRRL, you don’t need a new home appraisal. You don’t need to provide a new set of documents to verify your income. And most of the time, a new credit check is not needed either.

Easy credit check

We will probably check your credit score before we approve your refinance. VA IRRRL refinancing at Freedom Mortgage comes with easy credit qualifications. Learn about VA credit scores

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.Learn about home appraisals

Low funding fee

The funding fee for VA streamline refinances is 0.5% of the loan amount. Surviving spouses and some disabled veterans do not have to pay this fee.Learn about VA funding fees

Average closing costs

You might pay between 1% and 3% of the loan amount in closing costs for an IRRRL refinance according to the Mortgage Reports website. Closing costs on VA loans can include lender fees, discount points, property taxes, and homeowners insurance premiums. You can often finance many closing costs into the loan amount. Learn about VA closing costs

Loan disclosures and closing

Once you submit your VA IRRRL application, you will need to review and sign loan disclosures. You’ll also need to attend the closing of your new VA loan. At Freedom Mortgage, we can often close an IRRRL refinance in less than 30 days. Learn about disclosures

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Frequently Asked Questions about VA IRRRLs

There are many benefits to VA streamline refinancing with Freedom Mortgage. Check them out!

  • Lower rates

    Streamline refinancing can help you get a lower VA rate and help you reduce your monthly payment or save money in interest over the life of the loan. We offer competitive rates on VA IRRRLs with low fees and no hidden costs.

  • Easy credit qualification

    At Freedom Mortgage, we can often accept a lower credit score for VA IRRRL refinancing. We are committed to our military and veteran homeowners and look for ways to help you qualify for refinancing!

  • Low 0.5% funding fee

    The funding fee for VA streamline refinancing is just 0.5% of the principal loan amount. Disabled veterans and some surviving spouses may not need to pay this fee. You often can add the cost of this funding fee to your loan amount so you do not have to pay it in cash at closing.

  • Faster closings (often in 30 days)

    At Freedom Mortgage, our experienced VA loan advisors can often help you close on your new VA IRRRL refinance in as few as 30 days. We make refinancing your VA loan easy, fast, and hassle-free.

  • No home appraisal

    In most cases, you do not need a new appraisal to estimate the current value of your home with VA streamline refinancing. This saves you time and the appraisal fee.

  • No income verification

    You won’t have to send us pay stubs, W2 forms, tax returns, or other documents that show your current income when your refinance your VA loan with the IRRRL program.

  • Freedom Mortgage customers keep their current loan term

    If you are a current Freedom Mortgage customer, we can often help you keep your current loan term the same when you streamline refinance your VA loan with us. For example, if you have 11 years left on your current VA mortgage, we can often refinance you into a new VA mortgage for 11 years.

  • Better terms

    You can get better terms on your mortgage with the IRRRL program. You can switch from an adjustable to a fixed rate loan to make your monthly interest payments more predictable. You can frequently shorten the number of years you have to pay off your mortgage, which can help you save money in interest over the life of the loan.

When you have an existing VA mortgage, you may be able to refinance it using the IRRRL program which is also called "streamline refinancing." This type of refinance allows you to get a new VA loan with less paperwork and faster closing.

VA IRRRL streamline refinancing requirements are often easier to meet than those for conventional mortgage refinancing, which is why IRRRLs are sometimes considered "simpler" refinances. Current eligibility requirements include:

  • Get a financial benefit to refinancing

    Department of Veterans Affairs guidelines require you receive a net tangible benefit (NTB) from VA streamline refinancing. This requirement can be met with a lower interest rate, a lower monthly payment, or switching from an adjustable rate to a fixed-rate mortgage. For many loans, your interest rate must drop by at least one-half percentage point to qualify.

  • Have a VA loan

    You can only use streamline refinancing to replace an existing VA loan with a new VA loan.

  • Have the VA loan for six months

    This requirement is often called "seasoning." VA rules state the due date of the first monthly payment of the VA loan you are refinancing must be 210 days or more prior to the closing date of your new loan refinance. You also need to have made six consecutive monthly payments on the VA loan you are refinancing.

  • Be up-to-date on your monthly payments

    You need to be current on your VA mortgage payments to be eligible for streamline refinancing.

  • Meet the minimum credit score requirements

    VA IRRRLs have easier credit qualification guidelines compared to other mortgage refinances. Freedom Mortgage is able to work with veterans and service members who have lower credit scores.

  • Take no cash from your home equity

    You can’t get cash from your home’s equity with a VA streamline refinance. If you want cash out, you will need to choose a VA cash out refinance loan.

  • Certify you’ve lived in the house

    You don’t need to currently live in the home you are refinancing with the IRRRL program according to current VA rules. You just need to certify you lived in the house in the past.

  • Pay the funding fee

    If you are approved for streamline refinancing of your VA loan, you will need to pay a funding fee equal to 0.5% of the principal loan amount. Some disabled veterans and surviving spouses are exempt from paying the funding fee.

  • Pay closing costs

    If you are approved for streamline refinancing of your VA loan, you will likely need to pay closing costs. These costs can run between 1% and 3% of the loan amount according to the Mortgage Reports website.

     

    In many cases, you can qualify for a VA streamline refinance without a home appraisal or income verification. You don’t need a new Certificate of Eligibility. Lenders may ask for a copy of the certificate you used when you bought your home, however. Lenders can often get an electronic copy through the VA, too.

     

    Just like with any home loan refinance, you’ll need to meet Freedom Mortgage’s credit, income, and financial requirements to get your VA IRRRL refinance approved with us.

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The Freedom Mortgage Difference

Freedom Mortgage has grown to be a top 10 mortgage lender in the US. With 30 years of experience helping customers achieve and maintain the dream of homeownership, we are proud today to be the nation’s #1 VA and FHA lender.

Beyond originating loans, we also service mortgages for 1.50+ million customers. Our outstanding service includes our Eagle Eye Pledge, to alert customers to opportunities for lower rates and monthly payments. We are dedicated to meeting our customer’s needs for the life of their loan.