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And you don’t need a new Certificate of Eligibility (COE), because the IRRRL can only be used on an existing VA loan. The new loan starts fresh at 30 or 15 years, depending on which loan term you choose.īut the process for a VA Streamline Refinance is a little different from a traditional refi.īecause there’s no income, employment, or credit verification required, borrowers have less paperwork to handle. Like any mortgage refinance, the VA IRRRL program replaces your existing mortgage with a new loan. Check your VA IRRRL rates today (Oct 2nd, 2021)

Your rate will likely be higher or lower than average depending on your loan size, credit score, loan-to-value ratio, and other factors. Of course, VA refinance rates vary by customer. Today’s starting rate for a 30-year VA refinance is 2.375% (2.547% APR), according to our lender network.Ĭompare that with 3% (3% APR) for a conventional loan, and you can see there are serious savings to be had with VA IRRRL rates.

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See our full loan VA rate assumptions here. Average rates assume 0% down and a 740 credit score. * Interest rates and annual percentage rates for sample purposes only. Thanks to backing from the Department of Veterans Affairs, lenders can offer exceptionally low interest rates on these loans. VA IRRRL rates are some of the best mortgage rates on the market. Check your VA IRRRL eligibility (Oct 2nd, 2021) This IRRRL information is accurate as of October 2, 2021. Closing costs also tend to be lower, and can be rolled into your loan to eliminate upfront charges. With the VA IRRRL, there’s less documentation (no credit, income, or employment verification) and you might not need an appraisal. IRRRL stands for “VA Interest Rate Reduction Refinance Loan.” This loan program is also known as the VA Streamline Refinance or a VA-to-VA refinance. The VA IRRRL is a simple way to refinance your current VA loan into a lower rate and monthly payment.

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