VA Streamlined "IRRRL" Refinance Loans

IRRRL stands for Interest Rate Reduction Refinancing Loan.  You may see it referred to as a "Streamline" or a "VA to VA".  Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower rate. 

The IRRRL loan is an easy way to lower your monthly mortgage payment with a low interest rate.  Very little paper work is required.  Here are some key features of the loan program:

• No appraisal required
• No income documentation
• No asset documentation
• No re-qualifying
• No out-of-pocket expenses
• Low closing costs
• Do not have to live in property to qualify

Veterans are strongly urged to contact a reputable lender.  Some unscrupulous lenders may add a substantial amount of closing costs to your principal.  So even though your rate may be 1% lower, for example, your principal can be $20,000 higher.