Lower Your Rate, Keep Your Home
If you're a veteran with an existing VA loan, you may qualify to refinance at a better rate without starting over. We help eligible borrowers access the VA Interest Rate Reduction Refinance Loan program to reduce monthly payments and save on interest.
Designed for Veterans
The VA IRRRL Advantage
The VA Interest Rate Reduction Refinance Loan is a benefit created specifically for veterans. Unlike a standard refinance, the IRRRL process is streamlined, often requiring less documentation and no new appraisal in many cases. This means you can move faster and with fewer complications. We understand the value of your time and your service, which is why we've built our refinancing process around your needs. You can refinance with no cash out of pocket, keeping your VA loan benefits intact while potentially lowering your monthly payment significantly.
Simple Steps to a Lower Rate
Step one is determining whether you're eligible. You'll need an existing VA loan, sufficient equity or loan-to-value ratio, and a certificate of eligibility. We can help verify these details quickly. Step two involves gathering basic financial information and reviewing your current loan. Step three is submitting your application and any required documentation. Step four is the appraisal process, which may be waived depending on your situation. Finally, we move to underwriting and closing, where we handle the complexity so you don't have to. Throughout this journey, you'll have direct access to a specialist who knows VA loans inside and out.
VA IRRRL Savings Calculator
Use this calculator to estimate how much you could save by refinancing your VA loan at a lower rate. Enter your current loan amount, current interest rate, and the new rate you're considering. The calculator will show your current monthly payment, your potential new payment, and the difference over the life of the loan.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
Frequently Asked Questions
Get answers to common questions about VA Interest Rate Reduction Refinance Loans and our process.
Do I need a new appraisal for a VA IRRRL?
In many cases, no. The VA IRRRL program allows for streamlined underwriting, which often means skipping the appraisal entirely. This saves you time and money. However, some situations may require an appraisal depending on the lender's guidelines and your specific loan details. We'll let you know upfront what to expect.
Will I have to start my loan term over?
You have the flexibility to choose. You can refinance into a new 30-year loan, or you can maintain a similar timeline to your original loan, or anything in between. Some borrowers prefer to keep their remaining term the same to stay on track with payoff, while others choose to extend for lower monthly payments. We'll discuss what makes sense for your situation.
What if I have a second mortgage or other debts on my home?
A VA IRRRL refinances only your first VA loan. Other debts remain separate. If you're interested in addressing multiple debts, we also offer conventional refinancing and other solutions that might work for you. We can review your complete financial picture and suggest the best path forward.