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Ask us what VA IRRRL rate we can offer you!

The VA IRRRL rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, and the current mortgage market environment.

Freedom Mortgage may be able to offer you a rate that is lower – or higher – than the rate you see advertised by other lenders. Ask us today about our competitive VA IRRRL rates!

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Overview Compare Rates
& Fees FAQs About Get Started
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Overview

To refinance your home, you need to get a new mortgage. The IRRRL program makes refinancing simple when you have a VA loan!

VA IRRRL refinances let you lower your rate and monthly payment with less paperwork and faster closings. (IRRRLs are also called “streamline” refinances.) Credit qualification is easy. There is no home appraisal and no income verification. And current Freedom Mortgage customers can keep their loan term the same when they choose us for streamline refinancing.

Use our VA refinance calculator to estimate how much you might save by lowering your VA rate. By refinancing, the total finance charges you pay may be higher over the life of the loan.

Freedom Mortgage is the #1 VA Lender in the United States according to Inside Mortgage Finance, Jan-Mar 2021.

Lower payments

Less paperwork

Low funding fees

Faster closings

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How much can you save?

Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

Refinancing might save you
$ a month

Ask us what VA IRRRL rate we can offer you!

The VA IRRRL rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, and the current mortgage market environment.

Freedom Mortgage may be able to offer you a rate that is lower – or higher – than the rate you see advertised by other lenders. Ask us today about our competitive VA IRRRL rates!

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Is VA streamline refinancing right for you?

To take advantage of IRRRL refinancing, you need to have a current VA loan and replace it with a new VA loan. You can also refinance a VA loan with a conventional loan.

To learn more about your loan choices, see our comparison below. Freedom Mortgage offers refinancing with conventional, FHA, and USDA loans as well as VA loans.

VA IRRRL (Streamline) Refinances

  • Only VA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance not required
  • Closing takes less than 30 days

Conventional Refinances

  • All loans are eligible
  • Application requires more paperwork
  • Mortgage insurance required with home equity less than 20%
  • Closing takes more than 30 days
Learn more

FHA Streamline Refinances

  • Only FHA loans are eligible
  • Application requires less paperwork
  • Easy credit qualification
  • Mortgage insurance required
  • Closing takes less than 30 days
Learn more

USDA Streamline Refinances

  • Only USDA loans are eligible
  • Application requires less paperwork
  • Mortgage insurance required
  • Closing takes less than 30 days
Learn more

Looking for more detail?

Our full loan comparison table can help you decide.

Go now
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VA IRRRL refinance fees and requirements

To get your refinance approved, you will need to meet the eligibility requirements for a VA IRRRL as well as your lender’s credit, income, and financial standards. You will need to complete an application and pay closing costs too. Here’s what else you need to know about VA streamline refinancing.

Less documentation

When you apply for an IRRRL, you don’t need a new home appraisal. You don’t need to provide a new set of documents to verify your income. And most of the time, a new credit check is not needed either.

Easy credit check

We will probably check your credit score before we approve your refinance. VA IRRRL refinancing at Freedom Mortgage comes with easy credit qualifications. 

No home appraisal

In most cases, you do not need a new appraisal to estimate the current value of your home. This saves time and the appraisal fee.

Low funding fee

The funding fee for VA streamline refinances is 0.5% of the loan amount. Surviving spouses and some disabled veterans do not have to pay this fee.

Average closing costs

You might pay between 1% and 3% of the loan amount in closing costs for an IRRRL refinance according to the Mortgage Reports website. Closing costs on VA loans can include lender fees, discount points, property taxes, and homeowners insurance premiums. You can often finance many closing costs into the loan amount.Learn more

Loan disclosures and closing

Once you submit your VA IRRRL application, you will need to review and sign loan disclosures. You’ll also need to attend the closing of your new VA loan. At Freedom Mortgage, we can often close an IRRRL refinance in less than 30 days.Learn more

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Frequently Asked Questions

  • Lower rates

    A lower rate can help you reduce your monthly payment or save money in interest over the life of the loan. Use our VA refinance calculator to estimate your savings.

  • Better terms

    You can switch from an adjustable-rate to a fixed-rate mortgage with an IRRRL, and change other terms too.

  • Low funding fee

    The funding fee for IRRRLs is just 0.5% of the loan amount. Disabled veterans and some surviving spouses may not need to pay this fee.

  • No home appraisal

    In most cases, you do not need a new appraisal to estimate the current value of your home. This saves time and the appraisal fee.

  • No income verification

    You won’t have to send us documents that show your current income.

  • No credit check for current Freedom Mortgage customers

    If you currently have your VA loan with us, we don’t need to check your credit*.

  • Faster closings

    Our VA loan specialists will help you refinance your home quickly and easily.

* A credit pull would be required if the monthly mortgage payment increases by 20% or more.

  • Have an existing VA loan

    Streamline refinances are only for homeowners who currently have VA loans.

  • Have your VA loan for 6 months

    To be eligible for an IRRRL, you need to have your current loan for 6 months or more.

  • Be current on your mortgage payments

    You need to be up to date on your loan payments.

  • Benefit from the refinance

    The Department of Veterans Affairs requires that your IRRRL result in a benefit to you. Lowering your interest rate, switching from an adjustable-rate to a fixed-rate mortgage, or reducing your loan term can qualify.

  • Take no cash out

    You cannot get cash from your home equity with a VA streamline refinance.

  • Certify you’ve lived in the house

    You need to certify you have lived in the house you are refinancing as your primary residence. It is not necessary to currently live in the home however.

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The Freedom Mortgage Difference

Freedom Mortgage has grown to be a top 10 mortgage lender in the US. With 30 years of experience helping customers achieve and maintain the dream of homeownership, we are proud today to be the nation’s #1 VA and FHA lender.

Beyond originating loans, we also service mortgages for 1.25+ million customers. Our outstanding service includes our Eagle Eye Pledge, to alert customers to opportunities for lower rates and monthly payments. We are dedicated to meeting our customer’s needs for the life of their loan.