VA Interest Rate Reduction Refinance Loans
What is a VA Interest Rate Reduction Refinance Loan?
If you already have a VA loan, a VA Interest Rate Reduction Refinance Loan (IRRRL) — also known as a VA Streamline Refinance — can help you benefit from a lower interest rate and monthly payments.
What Are The Benefits?
- No appraisal or credit underwriting package is required.
- You can include the costs of getting an IRRRL in the new loan.
- You can refinance an existing VA ARM into a fixed rate VA loan.
- You can reduce a 30-year mortgage into a 15-year mortgage to pay it off sooner.
What Do I Need To Be Eligible?
While a Certificate of Eligibility is required for a VA loan, it is not required to obtain a VA IRRRL. However, you should still provide it to us to show that you previously used your VA entitlement. Note that you cannot use the funds from your IRRRL to pay another non-VA mortgage. If you have a second mortgage, that loan must be subordinated so that your VA loan is your first mortgage.
Related Information
An adjustable rate mortgage from NationMac Mobile may help you save money on your loan....
We offer both Fixed Rate and Adjustable Rate mortgages in a variety of terms. Let us help, click...
A fixed rate mortgages are available in a variety of term lengths ranging from 10 years to 30...