VA IRRRL refinancing makes it easier to lower your interest rate with less paperwork and faster closings. IRRRL stands for “Interest Rate Reduction Refinance Loan.” These VA loan refinances are also called streamline refinances.

Benefits to refinancing your VA loan with a streamline loan include:

• Lower rates. We can help lower your rate and reduce your payments or save money on interest over the life of the loan. We offer competitive VA IRRRL rates with competitive fees and no hidden costs.
• Better terms. You can switch to a fixed-rate loan or change the number of years to pay off your mortgage with streamline refinancing.
• Easier application. VA streamline refinancing applications are easier to complete compared to conventional refinancing. If you're a Freedom Mortgage customer, you can apply on the phone.
• Easy credit qualification. We can usually accept lower credit scores for VA refinances.
• Low 0.5% funding fee. The VA funding fee for IRRRLs is just 0.5% of the principal loan amount. Disabled Veterans and some surviving spouses may be exempt from paying this fee. It's frequently possible to add the fee to your loan amount rather than pay it in cash at closing.
• Faster closings (often in 30 days). We make refinancing easy, fast, and hassle free. Our experienced Loan Advisors have helped Veterans close VA streamline refinances in 30 days.
• No home appraisal. In most cases, you do not need a new appraisal. This saves you time and the appraisal fee.
• No income verification. In most cases, you don't need to send us pay stubs, W2 forms, tax returns, or other income documents when you refinance.
• Our customers can keep their loan term. If you are a Freedom Mortgage customer, you can often keep the same loan term when you refinance your VA loan. For example, if you have 11 years left on your current VA mortgage, you can often refinance a new VA mortgage for 11 years too.
• Refinance multiple times. You can refinance your VA loan as many times as it makes financial sense for you to do so.

How much you might save with a VA IRRRL depends on your current rate, the new rate we may be able to offer, how much you owe on your loan, your closing costs, how many years you have left on your mortgage, and other factors. Use the VA refinance calculator on this page to estimate your savings.

You need to complete an application for a VA streamline refinance. This application is simpler and faster than other refinance applications. Our Loan Advisors can help you complete it on the phone.

You'll need to sign loan disclosures and attend closing to finalize your refinance. Other requirements include:

• Have an existing VA loan. To be eligible for streamline refinancing, you need to replace an existing VA loan with a new VA loan.
• Get a financial benefit from refinancing. VA guidelines require you receive a net tangible benefit (NTB) by refinancing your VA loan. This requirement can be met with a lower interest rate, a lower monthly payment, or switching from an adjustable-rate to a fixed-rate mortgage. For many loans, your interest rate must drop by at least one-half percentage point to qualify for an IRRRL.
• Meet seasoning requirements. The due date of the first payment of the VA loan you are refinancing must be 210 days or more prior to the closing date of your new loan refinance. You also need to have made six consecutive monthly payments on the VA loan you are refinancing.
• Be up to date on your monthly payments. You need to be current on your VA mortgage payments to be eligible for streamline refinancing.
• Meet the minimum credit score requirements. VA IRRRLs offer easier credit qualification compared with other mortgage refinances. Freedom Mortgage is able to work with Veterans and service members who have lower credit scores.
• Take no cash from your home equity. You can't get cash from your home's equity with a VA streamline refinance.
• Certify you've lived in the house. You don't need to currently live in the home you are refinancing with the IRRRL program according to current VA rules. You just need to certify you lived in the house in the past.
• Pay the funding fee. You'll pay a 0.5% funding fee when you refinance. Some disabled Veterans and surviving spouses are exempt from paying the funding fee.
• Pay closing costs. Closing costs for VA IRRRLs are often between 1% and 3% of the loan amount according to the Mortgage Reports website. You may need to pay these costs in cash or you may be able to add them to your loan amount. Learn more about VA closing costs.

The VA IRRRL rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, and the value of your home's equity as well as the current mortgage market environment.

We may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what VA streamline rate we can offer you by calling 877-220-5533.