Use The VA IRRRL Mortgage Loan
Refinance your VA loan the easy way — via the program’s streamlined refinance option.
Officially named the Interest Rate Reduction Refinance Loan (IRRRL), but often called the “VA Streamline Refinance“, the IRRRL waives the typical verifications required with a refinance, including checks of credit score, income and debts, and history of employment.
The Department of Veterans Affairs relies on mortgage payment history to determine a homeowner’s eligibility instead.
So, if you’ve paid your mortgage on-time for the last 12 months, and you’ll reduce your monthly payment via a refinance, it’s likely you’ll qualify for the VA IRRRL.
And, because VA mortgage rates are typically 30 basis points (0.30%) below comparable conventional mortgage rates, reducing your monthly payment may be easier and closer than you think.
Today’s VA mortgage rates are near their lowest levels in history.
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