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!
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!