VA Streamline Refinance a.k.a. Interest Rate Reduction Refinance Loan (IRRRL)

A common sense and express refinance option for Servicemembers and Veterans with a current VA Home Loan is the VA Streamline Refinance a.k.a. Interest Rate Reduction Refinance Loan (IRRRL).  This home loan solution is used to refinance a current VA Home Loan into a new VA Home Loan to either convert an Adjustable-Rate-Mortgage (ARM) to a fixed-rate mortgage or to reduce the term of your current VA Home Loan, in other words, go from a 30-year term to a 15-year term or to simply reduce the current rate on your current mortgage.

The 75th Episode of the Martini Mortgage Podcast is about the VA Streamline Refinance. You can access the full episode by clicking below:

Interest Rate Reduction Refinance Loan (IRRRL) is an Express Refinance Option offered by the Martini Mortgage Group at Benchmark Mortgage

The VA Streamline Refinance a.k.a. IRRRL is a vehicle where you can covert your existing VA Home Loan into a new VA Home Loan to take advantage of a lower interest rate or you can shorten the term of your loan with reduced documentation and reduced costs.  With this program there is no requirement for a property appraisal…since no appraisal is required, this saves hundreds of dollars in upfront costs to Servicemembers and Veterans.  In addition, typically no verification of income is required so a wealth of paperwork is not needed to process your loan request.  On the topic of documentation, a Certificate of Eligibility (COE) is not required.

Can I use a VA Streamline Refinance to convert my ARM to a fixed-rate mortgage?

Yes, with a IRRRL you can convert your ARM to a fixed-rate mortgage so you will no longer have to be concerned about higher mortgage rates and look in your hoisting costs.  For more details on converting your ARM to a fixed-rate mortgage call Mortgage Strategist Kevin Martini or Mortgage Strategist Logan Martini at (919) 238-4934.

Can I use a VA Streamline Refinance to reduce the term of my loan?

Yes, with IRRRL you can shorten the term of your loan (e.g. going from a 30-year to a 15-year mortgage.  For more details on shortening your term of you home loan, call Mortgage Strategist Kevin Martini or Mortgage Strategist Logan Martini at (919) 238-4934.

Can I use a VA Streamline Refinance to a property I no longer live in?

If you originally lived in the home and have a VA Home Loan on the property and certify that you previously occupied the house then, yes.  For more details on refinancing a property that you previously occupied and that is now a rental property call Mortgage Strategist Kevin Martini or Mortgage Strategist Logan Martini at (919) 238-4934.

Can I use a VA Streamline Refinance to a take cash-out? 

There is a VA Home Loan Cash-Out Refinance option offered by the Martini Mortgage Group at Benchmark Mortgage however it is not in the form of a Streamline…there are no cash-out options with IRRRl with the exception of energy-efficient improvements and that is capped at $6,000.  For more details on taking cash out, call Mortgage Strategist Kevin Martini or Mortgage Strategist Logan Martini at (919) 238-4934.

Is it right for me to refinance my home loan?

Refinancing your current mortgage may help strengthen your financial position epically if there has been a a movement lower in rate form when you originally secured financing for your home however every person is different. There is never a substitute for education and that education should come from an experienced mortgage strategist that understands you short & long-term goals. The Martini’s can help determine if it make sense for you and your family.   

Kevin Martini | NMLS ID 143962 | Senior Mortgage Strategist & Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 223 S West Street, Suite 900 Raleigh, NC 27603 | (919) 238-4934 | www.KevinMartini.com | Kevin@KevinMartini.com | Equal Housing Opportunity  

Logan Martini | NMLS ID 1591485 | Mortgage Strategist | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 223 S West Street, Suite 900  Raleigh, NC 27603 | (919) 238-4934 | www.LoganMartini.com | Logan@KevinMartini.com |Equal Housing Opportunity