Internal Rate Reduction (IRR) Refinancing for VA

Veterans who've already taken advantage of the VA loan have another attractive refinancing option. An IRR refinancing option allows veterans to refinance their current home loan without pulling credit.(Also called VA to VA Refinance or Streamline.)

 

Why Refinance your VA Loan?

Even as beneficial as the VA loan program is, at the end of the day, your rate may be higher than current loan rates. Refinancing your VA loan through the IRR program can end up saving you even more money on the life of your loan. Plus, the steps are easy and very beneficial for refinancers. With an IRR refinance:

• Quick and Easy Way to Lower Your Rate and Save You Money.
• You must have timely payment within the last 12 months.
• You don't have to show your certificate of eligibility.
• Income verification is waived.
• Typically this may be done without any out-of-pocket money needed; any closing costs may be rolled into the loan.

The only time when your IRR VA Loan refinance may NOT save you money is if you're transitioning from an VA ARM to a VA Fixed-rate. In most other cases, this is a great program that rewards veterans through home loan incentives. If you're considering refinancing, request to know all of the closing costs and fees at the start so you can work with your mortgage consultant and determine if a refinance is right for you.

VA to VA Loan Perks:

There are also several great features about an IRR refinancing. Some include:

• You don't have to prove you will have occupancy in an VA to VA refinance - just that you've previously occupied the property for the past two years.
• Can pull cash out up to 90% of the Home Value to consolidate bills.
• You could reduce the term of your VA loan from 30 to 20 or 15 year mortgage through an IRR refinance.

If you're interested in securing a VA loan, or a VA loan refinance through the IRR program, please contact my team today or get started through our pre-approval process.