What Is a VA Streamline Refinance Loan Or IRRRL?
The Department of Veteran Affairs offers an Interest Rate Reduction Refinance Loan or the IRRRL program, also known as the VA Streamline Refinance plan. The program can be a great option for homeowners, whose primary mortgages are VA loans, and who want to take advantage of lower refinancing interest rates for reducing monthly mortgage payments. The approval criteria could be less stringent than those that apply to various other programs.
VA Streamline Refinance Program – Understanding The Basics
By getting fast approved for a low rate VA streamline loan to refinance your home, you can qualify for a sustainable interest rate. The fees for this program could be low and in some cases there may be no charges at all. Besides, when your current mortgage is a VA backed home loan, you might not have to go through the process of determining your eligibility to obtain approval for the program. Thus, it is a good opportunity to get access to lower your mortgage interest rate and reduce payments. You can save precious dollars every month on mortgage instalments.