IRRRL (Interest Rate Reduction Refinance Loan)
Not Earl (sandwich shop in Hawaii 🤌🏾) but an IRRRL aims to reduce your monthly mortgage payment; you may have also heard this referred to as a VA Streamline.
This loan is designed to lower your current interest rate and monthly payment.
As the title says, If you have a VA Loan with a 6.625 % interest rate or higher, "it's time to reach out".
As opposed to the amount of documents needed when you first bought the house, the IRRRL is streamlined because you do not need to show income, assets or an appraisal. On top of that, a soft credit pull is sufficient.
All you need is an ID, promissory note, most recent mortgage statement, and your Home Owner's Insurance declaration.
Best part of all, you can roll closing costs into the loan so you aren't paying anything upfront
Posted by Minimum-Sea6605