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Getting Your VA Home Loan Refinanced


A veteran or active duty military member seekingto refinance their loan can do under the VA's "Interest Rate Reduction Refinance Loan" (IRRRL) program. Many loan officers in the industry may call it the VA streamline refinance but the official name is the IRRRL.

A great benefit of the IRRRL is that VA loan closing costs are abel to be added into the loan costs, providing veterans the ability to refinance with zero out-of-pocket. Another way is to settle for a slightly higher interest rate and the lender will pay the costs on your loan.

It's best to inquire about a VA Refinance and compare which program is best for you

How Does The Process Work?

The key thing to remember for IRRRL is that it only leads to lower interest rates when you are not refinancing from a pre-existing VA-guaranteed ARM to a fixed rate mortgage. The following tips can help you navigate the process of VA Streamline refinancing.

  • When you consider refinancing your home, you are advised to contact several lenders. Lenders offer varying terms and packages. Having as many options to choose from will allow you to select the most favorable lender for your needs.
  • There is no single IRRRL that can accommodate all homeowners; each case is different.
  • Remember to certify that you have previously occupied the house you intend to refinance (unless you are currently living in it).
  • Your IRRRL should not exceed the sum of the remaining balance on the existing loan along with closing costs, allowable fees, funding fee and a maximum of 2 discount points.

It is best to first identify where you presently stand in terms of your housing loan, in order to make the most out of any refinancing loan. Ultimately, your VA loan refinance should save you money.

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1st Nationwide Mortgage Corporation
65 Enterprise
Aliso Viejo, CA 92656
(949) 207-3399

An Equal Housing Lender -   NMLS #1281

© 2005 1st Nationwide Mortgage Corporation. Trade/service marks are the property of 1st Nationwide Mortgage and/or it's subsidiaries. All rights reserved. * 1st Nationwide Mortgage offers these products through our family of companies. Purchase loans and Refinance loans are available for Jumbo mortgages , 30 year fixed, 15 year fixed, FHA loans, VA loans, HARP loans and Reverse Mortgages. *All of the scenarios listed above are subject to various credit debt to income ratio requirements that are subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Loans subject to approval. Rates and programs subject to change without notice. These materials are not from HUD or FHA and were not approved by HUD or a government agency. This is not an offer to enter into a rate lock agreement under CA law, or any other applicable law. CA Loans made or arranged pursuant to California Finance Lender Law License 603K287 and CA Bureau of Real Estate, Real Estate Broker - Broker#01517084, (213)620-2072, California Department of Corporations, Alaska #AK1281, Colorado Mortgage Company Registration, Florida MLD1423, Texas SML #1437886, Oregon Mortgage Lending License ML-5326, Virginia #MC-6675, Washington Consumer Loan Company CL-1281 NMLS Consumer Access.

We have helped thousands of customers refinance or buy new homes over the last decade, earning us an A+ rating with the Better Business Bureau