IRRRL stands for “Interest Rate Reduction Refinance Loan” and it’s truly one of the very best loan programs available to those with an existing VA loan. The IRRRL allows you to lower your monthly VA mortgage payment. Your new payment will not begin until the 2nd month after your IRRRL closes, saving you thousands of dollars.
We will cover your underwriting and title fees with a lender credit making this loan truly zero out of pocket for you. In fact, if you have an existing balance on your current escrow account (you can see this on your mortgage statement), you’ll be refunded that amount after closing.
One of the advantages of the VA IRRRL program is that there is no appraisal required. This will save you up to $800 compared to a traditional rate & term refinance.
There is no hard credit check required to close your VA IRRRL refinance loan. We do a soft check credit report at zero cost to you! So this will not affect your credit scores in any way.
One of the biggest advantages of the VA IRRRL loan is that it requires very little documents from you. Basically all we need is a copy your most recent mortgage statement, homeowner’s insurance policy and a copy of your driver’s license.
