YOUR CURRENT LOAN
Start with your rate, remaining balance and remaining term.
VA Streamline Refinance (IRRRL)
YOUR VA LOAN.
A BETTER POSSIBILITY.
An Interest Rate Reduction Refinance Loan may help you improve the terms of an existing VA-backed mortgage.
THE PROPOSED LOAN
Review the new rate, payment, term and closing costs.
YOUR ACTUAL GOAL
Compare the benefit, total cost and how long you expect to keep the loan.
An option for an existing VA loan
An IRRRL refinances an existing VA-backed home loan. You must be able to certify that you currently live in, or previously lived in, the home. This program is not designed to let you take cash out of your equity.
Look beyond the advertised payment
Compare the new rate, term, financed costs and total interest. Extending a loan term can lower the payment while increasing total interest. Your team should explain the required benefit, loan seasoning and cost-recoupment requirements for your situation.
Streamline doesn’t mean cost-free
Closing costs still apply. Some may be financed, increasing the loan balance, or covered through a lender credit associated with a higher rate. The VA funding fee is generally 0.5% unless you qualify for an exemption.
Make a decision with the full picture
We’ll help you compare the current loan with a proposed refinance. Rates and savings are not guaranteed. Ask for a written explanation of costs and the time it may take to recover them.
Your next move
YOUR NEXT RATE.
THE FULL PICTURE.
Compare the potential improvement, closing costs and total loan terms before you decide.
See If a VA Streamline Makes Sense Or talk with your VA loan team: (888) 855-1341