VA IRRRL | The best kept Veteran secret

What is the VA IRRRL? How is it so Awesome?

The VA Interest Rate Reduction Refinance Loan (VA IRRRL) is an incredible benefit for service members that, when harnessed, can save you tens of thousands of dollars…with almost no effort! Also known as the VA streamline refinance, the lending approval process for VA IRRRLs is extremely simplified!

An IRRRL doesn’t always require a VA appraisal or going through the typical VA lender underwriting process which saves you (the homeowner) an immense amount of paperwork, fees, and time.

What is the VA IRRRL?

A VA IRRRL is used to refinance your current VA loan into another. It is a tool to improve your old VA loan by lowering your interest rate, payment, or both. You can also use the VA IRRRL to move from an adjustable-rate loan to a fixed-rate loan, which can be extremely beneficial!

The IRRRL is literally a refinance option veterans have to save themselves money. Can you imagine calling the bank and saying, “Hey, I have an auto loan with you that I’m paying 10% interest on…can you let me refinance to lower the payment to 4% for me?” Fat chance you’ll convince a bank to do this. You would have to go through another lender and absorb the loan. This isn’t impossible, but it isn’t the most convenient thing in the world either.

With the VA IRRRL, you can refinance to a lower interest rate through the same lender, and the process is streamlined for you as the veteran. I love this loan and cannot recommend it enough, especially while interest rates are extremely low like they are in mid-2020 as I’m writing this! If you can use the VA IRRRL to lock in a 30-year fixed-rate mortgage under 3% interest, you absolutely should!

The VA IRRRL Allows you to lower your term from a 30-year to 15-year mortgage if you'd like. You can tweak the term length and other factors with your VA lender to ensure you are saving the most amount of money over the course of your loan and locking in terms that best suit your specific situation.

You don’t even need a new certificate of eligibility to use the VA interest rate reduction refinance loan. I’m telling you, the VA IRRRL is as simple as it comes for mortgages.

TL;DR

Some of the biggest benefits of using a VA IRRRL over another loan are:

Limited paperwork required
VA IRRRL rates are competitively low
Low, or no, closing costs
Any closing costs can be rolled into the loan, which means you may have no out-of-pocket expenses to begin enjoying your newly reduced mortgage payments!
You may be able to refinance even if you don’t have equity in the home
Appraisals are typically not required
There is no credit, income, or employment verification required!
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#VAIRRRL #streamlinerefinance #interestratereductionrefinanceloan

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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom!
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[TravelingUSA]

As much as Wells Fargo is known for its fraud, they did a great job explaining this after reaching out to me! This video just made it clear to me! Thanks dude!

[breauxsw]

Yeah, I know about this one. I agree, this is an incredible untapped least known benefit!

[kingakoni]

Dave you just blew my mind!!! I really need all this education so I can maximize my benefits while I’m still in.

[jeremiahbrunkala]

The VA IRRRL makes sense. The VA backs 25% of your loan. Easy streamline refinancing reduces everyone's risk.

[jbull]

Rocket mortgage offered me 2.25. But the loan had like 4 thousand added on the back end

[liudmylatretter]

Thank you for such an informative video! You mentioned that you can use IRRRL on the investment property, however, when I called a lender, they said it is not possible. We would like to convert our VA loan into an investment property and use IRRRL. Where can I find more details on IRRRL for an investment property?

[victorolguin]

I'm refinancing irrl right now. I understand as a veteran whatever closing cost they roll into the loan that i have to recoup that?
With my new loan I have an interest rate of 1.87 and Apr of 2.12. I did buy down 2 points. I have my rate locked in but haven't committed to anything because I still have those 45 days. The new loan is saving me over $300 a month.

What should I be worried about refinancing irrl??

What type of professional should I look for near me help understand I'm really getting a good deal??

[OneNationPlanet]

David, thank you for this video! When you do a VA CASH OUT refinance, can you use this money for anything you want (like an investment property), or does it have to be related to your current (or future) VA home loan? I could not find specific information in the VA handbook.

[vlag]

I'm in talks now with the Mr Cooper Mortgage Company after they bought out USAA's mortgages. They're offering a refinance option for cc debt consolidation, and would save me about $450/m. But my interest would go from 3.25 to 6.75, my mortgage would jump from 95, 000 to about 150, 000. Currently my mortgage payments are $627, but would be $1180 with the IRRL refinance. In my case, is this a good deal or not worth it enough? especially during these times.

[miarodney]

I got a letter from a different mortgage company about the irrrl. I've owned my home for 6 months now and my current lender had never brought this up. Is it more hoops to go with a different company or should all lenders off the irrrl?

[bombaymiracle]

I just bought a month ago for a 2.5 interest rate. I wonder if there's a chance when I make my live-in time requirement if I could refi for lower without actually paying down the points.

[EverydayLayman]

Does it make any sense to go from a VA loan with equity to a IRRRL, then change that to a cash out refinance on the same home. Then, use a VA loan on a new home with a down payment from the cash out refi?

[shatexposure]

can you put up some number examples. How much would the difference be between conventional and va for this refinance?

[drewnardwoods]

Hi, I currently have a fixed rate at 2.75% on a VA Home Loan 30 year mortgage. I would like to do some reconstruction on my home (kitchen, bathrooms) would this be possible to do?

[geneboswell]

If I use this IRRRL on my home will it effect my ability to pull out money to finance other investments??

[eliabchavez]

How do I use the irrl I have CalVet do I go somewhere else

[christopherlongen]

Are there any lenders you recommend to do this? I see companies like Affinity mortgage and primeline capital... but I can’t find to much info on these online

[Vette-ksyg]

my lender is navy federal and they are saying they need a full credit check and proof of income for the IRRRL. Is that correct? everything i am reading they are wrong?

[CunningFlix]

Are you familiar with using a VA loan with the home improvement feature. Then refinancing into a conventional loan to then re use the VA loan. Essentially using the BRRRR strategy.

Ps. I‘ve been doing some research but I’d love to see a video on strategies for building/scaling a rental portfolio with the VA loan In conjunction with traditional financing.

Thanks.

[kaitdomingue]

I’m in Louisiana. What lender did you go through? I got a quote for VA streamline 2.25 with 1% origination fee and 2, 000 in lender credits. I am wondering if there is a way to refinance with lower fees. Seems like brokers all are charging the 1% origination fees.