VA IRRRL | The best kept Veteran secret

What is the VA IRRRL? How is it so Awesome?

The VA Interest Rate Reduction Refinance Loan (VA IRRRL) is an incredible benefit for service members that, when harnessed, can save you tens of thousands of dollars…with almost no effort! Also known as the VA streamline refinance, the lending approval process for VA IRRRLs is extremely simplified!

An IRRRL doesn’t always require a VA appraisal or going through the typical VA lender underwriting process which saves you (the homeowner) an immense amount of paperwork, fees, and time.

What is the VA IRRRL?

A VA IRRRL is used to refinance your current VA loan into another. It is a tool to improve your old VA loan by lowering your interest rate, payment, or both. You can also use the VA IRRRL to move from an adjustable-rate loan to a fixed-rate loan, which can be extremely beneficial!

The IRRRL is literally a refinance option veterans have to save themselves money. Can you imagine calling the bank and saying, “Hey, I have an auto loan with you that I’m paying 10% interest on…can you let me refinance to lower the payment to 4% for me?” Fat chance you’ll convince a bank to do this. You would have to go through another lender and absorb the loan. This isn’t impossible, but it isn’t the most convenient thing in the world either.

With the VA IRRRL, you can refinance to a lower interest rate through the same lender, and the process is streamlined for you as the veteran. I love this loan and cannot recommend it enough, especially while interest rates are extremely low like they are in mid-2020 as I’m writing this! If you can use the VA IRRRL to lock in a 30-year fixed-rate mortgage under 3% interest, you absolutely should!

The VA IRRRL Allows you to lower your term from a 30-year to 15-year mortgage if you'd like. You can tweak the term length and other factors with your VA lender to ensure you are saving the most amount of money over the course of your loan and locking in terms that best suit your specific situation.

You don’t even need a new certificate of eligibility to use the VA interest rate reduction refinance loan. I’m telling you, the VA IRRRL is as simple as it comes for mortgages.

TL;DR

Some of the biggest benefits of using a VA IRRRL over another loan are:

Limited paperwork required
VA IRRRL rates are competitively low
Low, or no, closing costs
Any closing costs can be rolled into the loan, which means you may have no out-of-pocket expenses to begin enjoying your newly reduced mortgage payments!
You may be able to refinance even if you don’t have equity in the home
Appraisals are typically not required
There is no credit, income, or employment verification required!
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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom!
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