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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 Compare Rates
& Fees FAQs About Personalized Quote
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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 proud to be a top VA lender in the United States according to Inside Mortgage Finance, Jan-Jun 2023.

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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.

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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.

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.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you entered, refinancing might save you
$250 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.

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VA IRRRL (Streamline) Refinances

  • Only VA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance not required
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Conventional Refinances

  • All loans are eligible
  • Application requires more paperwork
  • Mortgage insurance not required with home equity more than 20%
Learn More
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FHA Streamline Refinances

  • Only FHA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance required
Learn More
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USDA Streamline Refinances

  • Only USDA loans are eligible
  • Application requires less paperwork
  • Mortgage insurance required
Learn More

Looking for more detail?

Our full loan comparison table can help you decide.

Go Now
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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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VA IRRRL streamline FAQs

What is a VA streamline refinance (or VA IRRRL)?

A VA streamline or VA IRRRL refinance can help you lower the interest rate and monthly payments on your VA loan. These refinances don’t require a home appraisal or income verification, and closing often takes less than 30 days. Learn more about how you can refinance a VA loan.

What does “IRRRL” mean?

IRRRL stands for Interest Rate Reduction Refinance Loan. The IRRRL program is regulated by the Department of Veterans Affairs (VA) and helps eligible veterans, military personnel, and surviving spouses refinance their VA mortgage to a lower rate.

What are the benefits of a VA IRRRL refinance?

Getting a lower rate and saving money on interest payments over the life of the loan are two benefits of refinancing your home. But they aren’t the only ones! Other benefits of refinancing include:

  • Lower rates. Streamline refinancing can help you get a lower VA rate and 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. Compare today’s rates with the rate on your VA loan to decide if IRRRL refinancing makes sense for you!
  • Better terms. You can get better terms on your mortgage with the IRRRL program, like switching 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 too, which can help you save money in interest over the life of the loan.
  • 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 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.

How much can you save with a VA streamline refinance?

Your savings are affected by your current VA rate, the new rate a lender might offer you for streamline refinancing, what you owe on your VA loan right now, the closing costs, how many years you have left on your mortgage, and other factors. By refinancing, the total finance charges may be higher over the life of the loan. Our VA refinance calculator can help you estimate your savings.

Can you get cash from VA streamline refinancing?

VA IRRRLs do not allow you to get cash out from your home equity. In a VA IRRRL, you replace your current mortgage with a new mortgage (with a better rate or terms) that matches your current mortgage’s principal balance. A VA cash out refinance replaces your current mortgage for a new mortgage with a higher amount. Read more about VA cash out refinancing.

What are the requirements for a VA IRRRL refinance?

  • 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 for an IRRRL.
  • 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.
  • 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.

Do you need a new Certificate of Eligibility for a VA IRRRL?

No, you don’t need a new Certificate of Eligibility to streamline refinance your VA loan. 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.

How many times can you streamline refinance a VA loan?

In general, you can refinance your VA loan with the streamline program as many times as it makes financial sense. You’ll need to wait six months between IRRRLs and refinancing has to result in a “net tangible benefit” to you. Learn more about how many times you can get a VA loan.

The Freedom Mortgage Difference

We are committed to making you a life-long customer with exceptional mortgages and exceptional service!

We’ll help you choose the right mortgage and work with you to make buying a home or refinancing easy. We'll also keep an eye on your rate and let you know when you can lower your payment or get cash from your home's equity.

We are thankful for our 2 million customers. It’s because of homeowners like you that we’ve grown over the past 30 years to become one of the top lenders in America.

We are proud to support veterans and service members with charitable work like raising $93,000 to buy school supplies for military families. We are also committed to fighting hunger in communities across the nation.