A VA Interest Rate Reduction Refinance Loan, or IRRRL, is a refinance option for eligible borrowers who already have a VA-backed mortgage. Often called a VA Streamline Refinance, it may help reduce borrowing costs or move an adjustable-rate VA loan to a fixed rate.

How It Works

An IRRRL refinances an existing VA loan. VA generally does not require an appraisal or credit underwriting for an IRRRL, although lenders may have additional requirements. Loan seasoning, payment history, benefit, and applicable cost-recoupment rules must be met.

What to Know Before You Refinance

• An IRRRL is not a cash-out refinance.

• You generally must certify that you previously occupied the home.

• A VA funding fee may apply unless you qualify for an exemption.

• Eligible costs may be financed, but doing so increases your loan balance.

Compare the Actual Benefit

Barren Hill Mortgage will review your current VA loan, the proposed payment, and refinancing costs.