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VA Interest Rate Reduction Refinances or Streamlines
If you are looking to lower your interest rate and your monthly mortgage payment, you may want to consider an IRRRL. You may see it referred to as a "streamline" or a "VA to VA." Completion of an IRRRL will result in a lower interest rate, except when refinancing an existing VA adjustable rate mortgage (ARM) to a fixed rate mortgage. In this particular instance, the rate may increase. Below are some benefits and helpful tips when considering an IRRRL.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.