The Interest Rate Reduction Refinance Loan or IRRRL can be used to get into a lower interest rate, or to convert from an adjustable rate mortgage to a fixed rate loan. In most cases, an IRRRL must result in a lower interest rate—that’s a fundamental rule (and benefit) of these types of VA loans.

The Benefits of a VA Streamline Refinance Loan

• The IRRRL is probably one of the easiest refinancing processes you will find anywhere.
• Lower your monthly mortgage payments
• Very low to no closing costs out of pocket
  
• In many cases, there is no appraisal which can be very helpful if you believe you may be underwater on your loan, or if your home has lost value since your bought it.
• No mortgage insurance on the refinance loan - just like on your existing VA Loan
  

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