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