An IRRRL, or interest rate reduction refinance loan, is a quick way to refinance with fewer requirements than a cash-out refinance. You must have an existing VA home loan to be eligible for this program’s benefits.
Time to Refinance
Let’s look at the three types of people who can benefit from a VA refinance
See How The Process Works
You want to refinance your current VA mortgage and get cash back at closing.
You have a non-VA mortgage that you want to refinance into a VA loan.
You want to refinance your current VA loan and do not need cash back at closing.
Consolidate debt, lower your monthly mortgage payment, or switch to a fixed interest rate.
Veterans can pay off a non-VA loan, get cash at closing, or do both simultaneously.
Benefit by refinancing your mortgage to take advantage of record low, fixed interest rates.
Refinance for Your Goals
Your mortgage comes with benefits
Take cash out
Refinance your VA loan into a lower rate while taking cash out from your home’s equity.
- No restrictions on using cash back
Lower your payment
Refinance from one VA loan product to another for a lower interest rate and monthly mortgage payment.
- Not allowed to take out cash
Eligibility for a VA refinance is very similar to that of a home purchase VA loan.
- Surviving spouse