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IRRRL

VA Streamline Refinance

VA STREAMLINE REFINANCE

VA Streamline Refinance/ IRRRL

Throughout your research on IRRRL the phrase VA Streamline Refinance tends to get tossed into the mix. If you are wondering what the difference is or have gotten confused seeing the two terms than fear not!

The Secret

They are the same thing. Interest Rate Reduction Refinance Reduction Loan/IRRRL is a streamlined mortgage process. The reason IRRRL is a VA Streamline Refinance is that the borrowing process for an IRRRL is very simple!

The Only Qualifications To Obtain An IRRRL Loan Are:

  • You must be a veteran and honorably discharged.
  • Appraisals and credit reports are not always required by each lender
    • At times these still may be required by your lender, so just be aware of that.
  • A certificate of eligibility or a VA’s email confirmation procedure.
  • Only a Funding Fee of 0.5% is required
    • Other fees like closing costs are not included with an IRRRL loan

You do not need to use your original VA lender if you would like to shop around to find a better rate with a different lender.

Now that you know IRRRL is a VA Streamline Refinance Loan there shouldn’t be anything stopping you from lowering your interest rates and monthly payments. Click here to get connected with a VA IRRRL lender today!

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When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

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