What Is a VA IRRRL?

First off, let’s define what the acronym IRRRL (pronounced “Earl”) stands for.

IRRRL: Interest Rate Reduction Refinance Loan.IRRRL lowering rates

Veterans aren’t the only ones who can apply for an Interest Rate Reduction Refinance Loan (IRRRL), but because Low VA Rates focuses on offering veteran loans, we will discuss the VA IRRRL here.

What can an IRRRL do to help you?

  • Well, by refinancing your existing VA home loan, an IRRRL can lower your interest rate – sometimes significantly!
  • By lowering your interest rate, your monthly mortgage payment should decrease. This may even give you the opportunity to pay off your mortgage early!
  • As well, you can also refinance your existing adjustable rate mortgage (ARM) to a fixed rate mortgage if you prefer and rates are great.

Quick IRRRL Facts & Benefits

  • No appraisal or credit underwriting package is required when applying for an IRRRL.
  • Far fewer initial documents are required.
  • An IRRRL may be closed with very little or no money out of pocket. How? By including all the costs of the loan into the new loan or by working the new loan to enable the lender to pay the costs, you could close your loan with no cash out of your pocket – a great benefit of an IRRRL.
  • And, drumroll please…THE BEST BENEFIT OF ALL!!??

 Low VA Rates $250 Low APR Guarantee

250 Dollar GuaranteeWe advise every veteran to contact several lenders so they can compare terms and get the best rate.

Here at Low VA Rates, as our name may suggest, we take great pride in delivering to our clients terrific interest rates. We work hard to do this and can usually beat other offers, but if you close with a lender at a rate we can’t beat, we’ll give you $250.

Visit our website for more information.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2019 Low VA Rates, LLC™. All Rights Reserved. Low VA Rates, LLC™ is not affiliated with any U.S. Government Agency nor do we represent any of them. Corporate Address: 384 South 400 West Suite 100, Lindon, UT 84042, 801-341-7000. Alaska Mortgage Broker/Lender License No. AK-1109426; Arizona Mortgage Banker License #0926340; Licensed by the Delaware State Banking Commission License #018115; Georgia Residential Mortgage Licensee License #40217; Illinois Residential Mortgage License #MB.6761021; Licensed by the New Jersey Department of Banking and Insurance, Ohio Mortgage Loan Act Certificate of Registration #SM.501937.000; Oregon Mortgage Lending License # ML-5266; Rhode Island Licensed Mortgage Lender License #20143026LL; Texas License LOCATED at 201 S Lakeline Blvd., Ste 901, Cedar Park, TX 78613; EAH041719. Click on these links to access our Privacy Policy and our Licensing Information. Consumer NMLS Access - NMLS #1109426