Why VA IRRRL
The VA IRRRL stands for Veterans Affairs Interest Rate Reduction Refinance Loan. It is a specific type of mortgage refinancing option available to eligible veterans and active-duty military personnel with existing VA-backed home loans. The primary purpose of the VA IRRRL is to help borrowers lower their monthly mortgage payments by refinancing their current VA loan to a new one with a lower interest rate.
- Simplified Process: The IRRRL is designed to be a streamlined and straightforward refinance option, requiring minimal documentation and paperwork.
- No Appraisal or Credit Underwriting: In many cases, no new appraisal or credit underwriting is needed, making it more accessible and efficient for eligible veterans.
- Lower Interest Rates: The primary goal of the IRRRL is to reduce the interest rate on an existing VA loan, potentially leading to lower monthly payments.
- No Out-of-Pocket Expenses: Borrowers can finance all closing costs into the new loan, eliminating the need for out-of-pocket expenses during the refinance process.
Back Ground
Our team at First Rate Financial is specialized in VA loan specifically in Alaska. We help many veterans buy their first, second or third home and we make the VA IRRRL refinance a streamlined process so that you can get back to doing what you love.
About Us
About Us
As a broker, we offer a number of loan programs including VA loans, FHA loans, USDA loans, conventional loans, income properties loans, second home loans, loans for 2-4 unit properties, loans for condos, and more.
Company NMLS: 184451
MLO NMLS: 1170412