The VA Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA Streamline Refinance, is designed to help veterans, active-duty service members, and eligible surviving spouses reduce their mortgage interest rates and monthly payments. Here are the key benefits of refinancing with a VA IRRRL:
Lower Interest Rates: The primary benefit of a VA IRRRL is the potential to secure a lower interest rate than your current VA loan. This can result in significant savings over the life of the loan.
Reduced Monthly Payments: By securing a lower interest rate, your monthly mortgage payments will typically decrease, freeing up more of your monthly budget for other expenses or savings.
No Appraisal or Credit Underwriting Package: In most cases, the VA does not require an appraisal or a full credit check, making the process quicker and less costly. This is particularly beneficial for homeowners whose property values have decreased or who have credit issues.