Could Your Current VA Mortgage Work Better for You?
If you already have a VA-backed home loan, a VA Interest Rate Reduction Refinance Loan—commonly called a VA Streamline Refinance—may help you lower your interest rate, reduce your monthly principal-and-interest payment, or move from an adjustable rate to a more predictable fixed rate.
Complete a short form to request a personalized, no-obligation review of your current VA mortgage.
The complete numbers matter.
A lower rate is only helpful when the complete numbers make sense. We will review the rate, payment, closing costs, loan balance, break-even period, and long-term impact before you decide.
What Is a VA IRRRL?
A VA Interest Rate Reduction Refinance Loan, or IRRRL, replaces an existing VA-backed mortgage with a new VA-backed mortgage.
An IRRRL does not provide cash from the property’s equity and cannot be used to refinance a conventional, FHA, or USDA first mortgage.
It is primarily designed to help an eligible homeowner:
Obtain a lower interest rate
Reduce the monthly principal-and-interest payment
Replace an adjustable-rate mortgage with a fixed-rate mortgage
Complete the refinance through a more streamlined process
A Refinance Built Around Your Existing VA Loan
Potentially Lower Your Interest Rate
A lower interest rate may reduce the monthly principal-and-interest payment and improve monthly cash flow.
Create a More Predictable Payment
Moving from an adjustable-rate VA mortgage to a fixed-rate mortgage may provide greater stability and protection from future rate adjustments.
A More Streamlined Process
An IRRRL may require less documentation than a traditional refinance. Lender requirements can vary.
Often No New VA Appraisal
VA generally does not require a new appraisal for an IRRRL, although an individual lender may require a property review in certain circumstances.
Explore Low-Upfront-Cost Options
Eligible costs may be included in the new balance or offset through lender credits. This does not make the refinance free and may affect the rate or balance.
More Flexible Occupancy
You may be eligible if you currently occupy the property or previously occupied it as your home, subject to remaining program requirements.
Freedom to Choose a VA Lender
You are not required to refinance with the company currently servicing your mortgage.
Could an IRRRL Be Right for You?
An IRRRL may be worth reviewing when:
You currently have a VA-backed mortgage
You want to refinance that existing VA loan
You currently live in or previously lived in the property
You want to lower your rate or principal-and-interest payment
You want to replace an adjustable rate with a fixed rate
You do not need cash from the property
The existing VA loan meets applicable seasoning requirements
What an IRRRL Cannot Do
An IRRRL is generally not the correct program when the homeowner wants to:
Take equity out of the property
Receive cash from the refinance
Pay off credit cards or consumer debt
Pay off a non-VA first mortgage
Consolidate an unrelated second mortgage
You do not need cash from the property
Finance major renovations
If a second mortgage already exists, the second-lien holder generally must agree to remain subordinate to the new VA first mortgage.
How the Review Works
Tell Us About Your Current Loan
Provide basic information about the current VA mortgage, including the interest rate, approximate balance, property state, and when the loan closed.
We Review Potential Eligibility
We evaluate loan type, seasoning, payment history, rate benefit, and other applicable guidelines.
Compare the Options
Review current and proposed rates and payments, closing costs, new balance, break-even period, terms, and longer-term impact.
Make an Informed Decision
You decide whether refinancing makes sense after reviewing the complete numbers. A lower advertised rate alone is not enough.
A Smarter Refinance Starts With the Full Picture
Closing costs may apply to an IRRRL. A 0.50% VA funding fee generally applies unless the borrower qualifies for an exemption.
Depending on the option selected, costs may be:
Paid at closing
Partially or fully offset through lender credits
Included in the new loan balance
Structured through a combination of these methods
Including costs in the new loan reduces the amount due at closing but increases the loan balance. Selecting lender credits may reduce upfront expenses but may also result in a higher interest rate. You should see the full impact before making a decision.
VA IRRRL FAQ
Do I already need to have a VA loan?
Yes. An IRRRL can only refinance an existing VA-backed mortgage into another VA-backed mortgage.
Will I need a new appraisal?
VA generally does not require an appraisal for an IRRRL, although lender requirements may vary.
Is there a credit check?
VA does not generally require a full credit-underwriting package for an IRRRL. However, lenders may review credit, mortgage-payment history, income, employment, or other information.
Can I receive cash from an IRRRL?
No. An IRRRL is not a cash-out refinance.
Do I have to currently live in the property?
Not necessarily. The borrower generally must certify that they currently occupy or previously occupied the property as their home.
Do I have to use my current mortgage company?
No. The homeowner may obtain an IRRRL through another participating VA lender.
Can closing costs be included in the new loan?
Eligible costs can often be included in the new loan balance. A lender-credit option may also be available. Each approach has tradeoffs that should be clearly explained.
Is an IRRRL free?
No. Closing costs and a VA funding fee may apply. A “no out-of-pocket” structure generally means costs are financed or offset through lender pricing, not that the costs disappear.
Will my total monthly payment definitely decrease?
Not necessarily. A lower rate may reduce principal and interest, but property taxes, homeowners insurance, flood insurance, escrow requirements, and changes in the loan term can affect the total monthly payment.
See Whether Your Current VA Loan Could Be Improved
A lower rate may help, but the full picture matters. Complete the short form to request a personalized review of your current VA mortgage, potential IRRRL options, estimated payment, closing costs, and break-even period.
No obligation. Submitting the form is not a commitment to borrow and does not guarantee approval or a particular interest rate.
Licensing
Company NMLS ID: 1862063
Licensed in AL, AZ, CA, CO, CT, DC, FL, GA, IA, IN, KS, MD, MI, MN, NC, NM, OK, OH, OR, PA, SC, TX, TN, UT, VA, WA, WI, & WY
Equal Housing Lender
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
This is not a commitment to lend. All loans are subject to credit approval, income verification, and program guidelines. Rates, terms, and program availability are subject to change without notice.
A VA Interest Rate Reduction Refinance Loan (IRRRL) is available only to qualified borrowers with an existing VA-guaranteed loan. Refinancing may increase the total cost of your loan over its full term. Not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency.