Anyone who has served knows, the military loves its acronyms. And the VA home loan is no different. Today we are talking about the VA Interest Rate Reduction Refinance Loan, or IRRRL. Also known as the VA Streamline Refinance Program, the IRRRL was designed to ensure that as interest rates move up and down, VA borrowers will always have access to the current lowest rates.
This program allows you to refinance your existing VA loan into a new VA loan with a lower rate & lower monthly payment. We have seen many Yuma homeowners save significant money using this loan. Some of the benefits of this program:
- No appraisal required
- Reduced VA funding fee
- No out-of-pocket expenses (all closing costs and escrows for your new mortgage can be financed into the loan).
- Up to $6,000 can be added for energy-efficient home improvements!
The VA Streamline Refinance is the ideal program for:
- Lowering the interest rate and payment on your current fixed-rate VA loan
- Shortening the term of your 30-year VA loan
- Converting your adjustable-rate VA loan into a stable fixed-rate VA loan
- Lowering your cost of ownership by improving your home’s energy-efficiency