The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage.
Advantages of a VA IRRRL
- No appraisal required
- No income required
- No money out of pocket
- Lowering your monthly payment
- Reducing your interest rate
- Securing a fixed-rate mortgage that won’t change over time