If you bought your home with a VA loan, you can use the Interest Rate Reduction Refinance Loan (IRRRL) to lower your monthly payment, reduce your interest rate, or move from an adjustable rate to fixed rate loan. This loan is often referred to as "streamline" because your lender's underwriters can use all of the paperwork from your initial VA loan (like your credit report, appraisal, and asset statements).
An IRRRL allows you to refinance your mortgage using the current interest rate. Depending on what your original interest rate was, this could mean a lower rate and a monthly savings for you.
In some instances, you may be able to lower your monthly payment by refinancing the remaining years of your mortgage into a longer loan term.
An IRRRL does not require another appraisal and we pull a mortgage only credit report. This not only makes the refinance process quicker, but also cheaper. You may be eligible to pay no money out of pocket at all.
The IRRRL is backed by the Department of Veterans Affairs and is used to refinance an exisiting VA loan. A Veteran or their spouse or child must live in the home that is being refinanced.
Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
Lock in your mortgage rate early and stay in the loop. Your Ruoff Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.
Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.
Refinancing depends on your unique situation as it compares to the constantly changing mortgage market.
Paying off one loan by obtaining another; homeowners can refinance to secure better loan terms or a lower interest rate.
You can usually refinance once you have owned the home at least 6 months. Sometimes a longer period is required.
