A VA Loan is a mortgage that is guaranteed or insured by the U.S. Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
VA Streamline Refinance/Interest Rate Reduction Refinance Loans IRRRL
VA Refinance Home Loans
Easy home financing options are available through a VA Loan for both Active Duty Military Personnel and Veterans. Because VA Loans are government insured, they offer Veterans and Military Personnel lower interest rates and better terms than conventional mortgages. Veterans are able to secure a home purchase loan with no down payment and no monthly mortgage insurance premiums. VA Home Loans offer both Fixed and Adjustable Interest Rates and are popular for First Time Home Buyers and for buyers with less-than-perfect credit.
VA Streamline Refinance/Interest Rate Reduction Refinance Loan (IRRRL)
The VA Interest Rate Reduction Refinance Loan (IRRRL) which is often referred to as the VA Streamline Refinance can be obtained to refinance an existing VA loan into a lower-interest-rate loan. The qualifying process is streamlined and requires no documentation of income or assets.
VA Streamline Refinances offer competitive home financing interest rates that are specific to this loan type and are not generally available on other loan types. This low interest rate results in a lower monthly mortgage payment. With a VA Streamline Refinance, Active Duty Military Personnel and Veterans may refinance their home with no out of pocket expenses. The closing costs can also be rolled into the loan, making the refinance process even easier.
Refinance to A Fixed Rate VA Home Loan
If the home was purchased with an Adjustable Rate VA Loan, a refinance to a Fixed Rate VA Loan is available.