What is the Interest Rate Reduction Refinance Loan (IRRRL)?
Bottomline: The IRRRL refinancing loan for VA (Veteran Affairs) mortgages doesn’t require lengthy application processes. By using this opportunity you may be able to secure a new mortgage with smaller monthly payments or convert your 30-year loan to a 15-year one. Basically, if you can find some benefit to your overall financial strategy in regards to your VA Home Loan, you may be able to use the IRRRL. But before we get into potential strategies in which you may use the IRRRL, let’s go over some of the facts about the program.