IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” These loans are typically used to reduce the borrower’s interest rate or to convert an adjustable rate mortgage (ARM) to a fixed rate mortgage.
As you’d expect, IRRLs typically must result in an interest rate reduction. Otherwise, why refinance? However, there is an exception: when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate the interest rate may increase.
Besides that, there are a few other facts anyone considering an IRRRL should know.
To learn more about this organization, continue to their website using the Website Address noted above.