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Loan Officers
C. Mario del Pino
NMLS: 938420


(interest rate reduction refinance loan)

Is the VA IRRRL a Good Option For You? Find Out More

The VA IRRRL (Interest Rate Reduction Refinance Loan) may lower your rate of interest just by refinancing your current VA mortgage. If you get a reduced interest rate it will automatically reduce your mortgage payment each month. In addition, you can refinance an ARM (Adjustable Rate Mortgage) and go to the fixed rate loan if you decide that’s what you’d like to do.

Interest Rate Reduction Refinance Loan Facts

•There is no appraisal required and no credit underwriting
   package when you apply.
•You can do the IRRRL without using your own money if you bundle the costs in the new loan, or agree to have the interest rate high enough so the lender can pay them.
•If you go from a current VA Adjustable Rate Mortgage loan to a fixed rate loan you may end up increasing the interest rate.
•Lenders do not have to give you the IRRRL, but the VA lender of your choice can process the application for the IRRRL.
•Vets cannot receive any cash from the proceeds of the loan.

Who is Eligible?

•The IRRRL is only available for refinancing homes that you have already financed with a VA loan. It has to be a VA loan that is being refinanced, as it will again use the VA loan benefit you already used for the first loan.
•You do not need the Certificate of Eligibility. You can take your certificate to the lender, if you still have it, to show that you have already used your entitlement.
•You cannot pay off any loan except the VA loan with the IRRRL.

Funding Fee

Veterans using the VA Loan Guarantee have to pay a funding fee, which lowers the cost to taxpayers. The fee varies but is a percentage of the amount of the loan. You can either roll the fee into the loan, or you can pay the fee at closing. There are some circumstances in which you do not have to pay the fee. For example, if you’re disabled.

The VA IRRRL is a wonderful way to refinance an existing VA mortgage and continue to enjoy the benefits of VA financing. Only qualified veterans are eligible.

To find out more about the VA IRRRL, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.