If your current Mortgage is a VA Loan that you would like to refinance while interest rates are still low, your best option is most likely a VA IRRRL (Interest Rate Reduction Refinance Loan) otherwise known as a VA Streamline Refinance. An IRRRL replaces your existing VA mortgage into a new one at a lower interest rate.
You don’t have to use the same lender that currently services your mortgage for a VA IRRRL. We can refinance your current VA Loan with a VA Streamline Refinance regardless of who your current mortgage loan servicer is.
Here are the some of the requirements to be eligible for a VA IRRRL
- Must be refinancing an existing VA Loan into a new VA Mortgage.
- Must certify that you have been occupying the property.
- Cannot take more out on your new loan than what you currently owe. However, closing costs can be added to the new loan so there is not any cash out of pocket to refinance.