An IRRRL (VA Interest Rate Reduction Refinance Loan), is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan
This Federally insured loan program was created by the Veterans Administration in order to help veterans and active duty members, who currently have VA mortgage, take advantage of lower mortgage interest rates.
This VA loan guaranty program, which is also referred to as IRRRL (Interest Rate Reduction Refinancing Loan Program), is straightforward and simple for US Veterans and active duty members to qualify for. Keep in mind, that you can use the terms IRRRL and VA Streamline Refinance Loan interchangeably.
This program gives Veterans and active duty service men and women a fast simple process to refinance their current mortgage loan.
Refinance could lower foreclosure risk - If you have an (ARM) adjustable rate mortgage, your housing bill may very well INCREASE when the fixed period expires. Depending on your exact mortgage terms, which is usually anywhere from 3-5 years.
It's not uncommon for your interest rate to jump dramatically - 2 to 5 percentage points after your ARM expires forcing you into conventional "refinance". The results can be devastating financially as you may not be able to afford to keep your home.
If you’re not sure you have an adjustable rate mortgage, check with your mortgage company ASAP, you need to know when the adjustable period expires so you can take action and get into a fixed rate mortgage using the IRRRL program.
It's quite common that you may NOT realize you have an ARM! It could have been the way the loan was explained to you and didn't realize the interest rate could adjust after 1 to 3 years. If that's the case and you are Vet, it's time to take action NOW!
Take advantage of lower interest rates - What if today's interest rates are lower than the interest rate you are currently paying? If you simply want to reduce your monthly payment, an IRRRL may drastically reduce the overall dollar amount spent on interest by lowering your interest rate.
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