ATTENTION VETERANS: Lower your monthly mortgage payment WITHOUT the hassles of a full refinance!



This Streamline refinance, or Interest Rate Reduction Refinance Loan (IRRRL), is one of the best options for homeowners who already have a VA Loan and who want to reduce their monthly payments by refinancing to a lower interest rate.

This refinance type is relatively easy and can be completed quickly, due to the fact that homeowners are refinancing from one VA Loan product to another. With this type of refinance, there are several prominent advantages, including no required appraisal in most cases and little to no out-of-pocket costs in most cases.

Because the lowest rate is what you want to get, using a wholesale mortgage lender and NOT your bank or a direct lender is most likely your best bet.  Having access to wholesale mortgage rates should get you the lowest possible interest rate.


Save with Lower Rates

Today’s interest rates are at very low levels, and with a reduction of just a half of a percent, a borrower could potentially generate tens of thousands of dollars in savings over the life of a loan:


Loan Amount Total Interest Savings over 30 Years
$250,000 loan amount with 0.5% lower interest rate $26,345.21
$250,000 loan amount with 1% lower interest rate $51,877.43
$350,000 loan amount with 0.5% lower interest rate $36,878.45
$350,000 loan amount with 1% lower interest rate $72,627.50
$450,000 loan amount with 0.5% lower interest rate $47,419.26
$450,000 loan amount with 1% lower interest rate $93,379.03


* Savings and interest rates shown here are for illustrative purposes only and may vary based on a variety of factors. All loans require approval and proof of eligibility and are subject to the complete terms and conditions outlined in the loan agreement documents. IRRRL Facts

  • NO appraisal or credit underwriting package is required when applying for an IRRRL
  • There is NO income or asset documentation required
  • An IRRRL may be done with “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate slightly higher to enable the lender to pay your closing costs from loan rebates.
  • The IRRRL allows you to refinance into a fixed rate or adjustable rate loan
  • You may NOT receive any cash from the loan proceeds
  • You must be current on your mortgage with no more than one 30-day late payment within the past 12 months


An IRRRL can only be made to refinance a property on which you have already used your VA loan eligibility. It must be a VA to VA refinance, and it will reuse the entitlement you originally used.



  • No loan other than the existing VA loan may be paid from the proceeds of an IRRRL. If you have a second mortgage, the holder must agree to subordinate that lien so that your new VA loan will be a first mortgage.
  • The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL you need only certify that you previously occupied the home meaning that home may be a 2nd home or investment property now.

Get Started

Getting started on a streamline refinance is easy and the whole process can be completed in a surprisingly short amount of time.  Call or email Derek today to get your free VA IRRRL refinance quote.  It only takes a couple minutes to potentially save tens of thousands of dollars!




C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.