The VA IRRRL (Interest Rate Reduction Refinance Loan), also know as the VA Streamline refinance, allows you to refinance your existing VA loan to a lower interest rate, even if you don’t have any equity in your home.
With the IRRRL, veterans are not required to get a new appraisal or submit a full credit report, which makes the process virtually hassle-free. Oftentimes, you don’t have to pay anything out of pocket, either.
The VA’s IRRRL can help borrowers:
- Lower monthly payments
- Reduce interest rates
- Build equity faster
- Pay off loans sooner
VA Cash-Out Refinance
The VA Cash-Out Refinance program is another great reward for your service. With the VA Cash-Out Refinance, you have the opportunity to turn the equity in your home into cash. Unlike a traditional home equity loan, which is actually a second loan, this program replaces your existing mortgage.
With a VA Cash-Out Refinance, you can:
- Reduce your total monthly payments
- Payoff High Interest Rate Credit Cards
- Payoff Auto Loans
- Skip a house payment
- Pay $0 out of pocket
For more information about the VA IRRRL refinance program, including complete eligibility requirements, contact us today.