VA Streamline Refinance
Looking to refinance your current VA Loan and lower your interest rate? The VA Streamline refinance, commonly referred to as an Interest Rate Reduction Refinance Loan (IRRRL) is a great option for you if you have an existing VA Loan. An IRRRL lowers your interest rate and lowers your monthly mortgage payment. With Chaos Home Loans, you also get the added benefit of being able to skip two mortgage payments!
The VA Streamline (IRRRL) refinance is relatively easy and can be completed much faster than a traditional refinance for the simple fact that you’ll be refinancing from one VA Loan product to another.
Lower Interest Rate
The VA Streamline Refinance requires lenders to reduce the interest rate by at least .5%. For example, if you have an interest rate of 4% lenders would be required to drop your rate to at least 3.5%.
Lower Your Monthly Payment
When you lower your interest rate, you're decreasing the amount of interest you'll be paying over the life of the loan. When that lowers, so does your monthly payment.
Skip Two Mortgage Payments
With Chaos Home Loans, when you do your IRRRL with us, we're able to have you skip two mortgage payments. Most other lenders only allow you to skip one.
VA Streamline Requirements
Requirements for the VA Streamline refinance are pretty straightforward. To be eligible, your property must currently be financed as a VA Loan. IRRRL’s are not available to veterans with non-VA loans.
Certain lenders may also have guidelines regarding how many payments you’ve made, if you’ve made them all on time, and how long you’ve had the loan.
If you’re looking to take cash-out of your home equity, you’re not able to do so with an IRRRL. For that, you’ll need to do a separate VA loan. A VA Cash-Out refinance.
Interested in the VA Streamline Loan?
Speak to one of our qualified VA Loan specialist about your situation and see if the VA Streamline (IRRRL) is an option for you.