VA Streamline Refinance Loan
Have a question about IRRRL benefits call 855-971-1050 to speak with a loan officer.
The VA IRRRL is an interest reduction refinancing loan that can help service members struggling with their debt. It may not be the right choice for everyone, but it's one of the best available options and worth looking into if you are eligible!
In this article we will take a closer look at the IRRRL program pros and cons. A mortgage is the biggest source of debt most people acquire in their lifetime. Large monthly payments plus interest can place a heavy financial burden on veterans and service members. That is why the VA has created programs like the IRRRL for those who have served our country to lessen that weight in a fast easy way. However not every loan is right for every situation. There are always pros and cons no matter what you do.
The VA Interest Rate Reduction Refinance Loan (also known as VA IRRRL) is a VA loan designed to allow veterans the chance to refinance their current VA mortgage into a new VA mortgage while obtaining a lower interest rate. The IRRRL loan is designed to help veterans save money by lowering the interest rate.
Benefits of the VA IRRRL
There are many benefits of the va irrrl loan and one of the best benefits is that the VA IRRRL is fast and easy. The IRRRL is also know as the VA streamline loan. It is called this because of the streamline process it takes to getting the loan done.
Another advantage of the VA irrrl or VA loans in general is that the interest rates are often much lower than other types of mortgage financing, which can help you save money on your monthly payments as well as over the life of the loan. In addition, with VA home loan financing, there are no prepayment penalties – meaning that if you want to pay off your VA loan early, it will not cost you anything extra after doing so – an option not available with other types of mortgages.
VA Streamline Refinance Pros and Cons
Below is a table of some of the VA IRRRL program pros and cons.
Lower Interest Rates
No Cash Back
Fast & Easy
Need to have a VA loan to do the VA IRRRL
No Income Documentation
Must wait 210 from time of purchase to refinance
Net Tangible Benefit – Not really a con but there has to be a benefit to the veteran refinancing.
No Min FICO Score
Closing Costs & Funding Fees.
Is the VA Streamline right for you?
When it comes to refinancing it is always recommended that everyone compare and contrast the options and asses the financial benefits and goals. This is no different when considering the VA IRRRL refinance option. We recommend National VA Loans if you have any questions about the VA IRRRL or any other VA loan related questions. You can call them directly at (855) 956-4040.
Also things to keep in mind with the VA IRRRL program is that all veterans will need to qualify with their COE or eligible military service history. Note that not all VA lenders are the same. Some may require a credit check or income verification.