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VA INTEREST RATE REDUCTION REFINANCE LOAN

Learn about the VA interest rate reduction refinance loan (IRRRL).

Understanding IRRRL

The Interest Rate Reduction

This loan is designed to help current VA loan borrowers reduce their payment, rate and or term.

No appraisal or underwriting credit grading is required for the loan but a proper mortgage history.

Although there maybe no out of pocket money a borrower cannot receive cash proceeds from the loan.

Only current VA loans can utilize a IRRRL, Even if you are VA eligible but have A current Fannie or Freddie loan you cannot refinance using the IRRRL.

Loan limits on IRRRL and standard VA loans are set based on county/city and eligibly. Thank you for visiting our website.


VA Interest Rate Reduction Refinance Loan.

Although we handle VA streamlines we also offer a complete line of purchase products for Veteran’s loans.

If you are in the home buying market we can assist not just with the financing but also with finding you a great agent. Let your loan consultant know if you would like to be connected and we will do the leg work for you.

When you currently have a va home loan you may be able to take advantage of the interest rate reduction refinance loan.

Rate (%)

15 year

30 year

4

7.4

4.77

4 1/4

7.52

4.92

4 1/2

7.65

5.07

4 3/4

7.78

5.22

5

7.88

5.36

5 1/8

7.95

5.44

5 1/4

8.02

5.52

5 3/8

8.09

5.6

5 1/2

8.16

5.68

5 5/8

8.23

5.76

5 3/4

8.3

5.84

5 7/8

8.37

5.92

6

8.44

6

6 1/8

8.51

6.08

6 1/4

8.58

6.16

6 3/8

8.65

6.24

Use this chart to see an estimate of a new payment.


Divide your current mortgage balance (payoff) by 1000.

 

Then multiply that result by the number for the term and VA rate you are looking at:


Here is an example using the VA rate chart:


4 % rate for 15 years would use 7.4% multiplier.

If your current balance is $120,000 and you are

getting a 4% 15 year streamline :

120000 / 1000 = 120 x 7.4 = $888 new PI payment


Streamline Quote Purchase Quote

Request a VA refinance or VA loan rate quote.