Benefits of a VA Loan
Benefits of a VA loan refinance are short and sweet – you save time, you save money; ultimately making your life easier. You have given your service to our country, and now it’s time for you to take the benefits offered by the federal government and VA approved lenders that you rightfully deserve.
IRRRL is short for Interest Rate Reduction Refinance Loan. It’s a refinance option specifically to lower your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage. Please keep in mind total finance charges may be higher over the life of the loan.
If you are a Veteran or active duty military and interested in refinancing your home loan, here’s a closer look at this refinance option. It’s always a good idea to see the facts and understand the ins and outs of the option so you can make the best decision for your particular situation.