Why Choose a VA IRRRL for Your Refinance
If you already have a VA loan, a VA IRRRL lets you lower your rate and monthly payment without a new appraisal, income documents, or money out of pocket. It was built to be simple and fast, and most of our borrowers close in two to three weeks.
Call us anytime at 800-697-4371 and we will run your numbers together.
The Benefits of the Streamline VA Refinance
The VA Streamline gives Veterans a short list of real advantages that most refinance programs cannot match.
- No new appraisal required
- No employment or income verification
- Closing costs rolled into the new loan
- Switch from an adjustable rate to a fixed rate
- Available on a former primary home you now rent
- No minimum credit score at PBT Bancorp
- Competitive VA streamline rates
Who Qualifies for a VA IRRRL?
Eligibility is simple compared to other refinance loans. You must already have a VA loan, or a current loan that was originally backed by the VA, and if you started with an FHA or conventional mortgage you would first move into a VA home loan to become eligible. The Department of Veterans Affairs asks that you are current on your mortgage with a history of on-time payments, though our own programs give us room to work with borrowers who have had multiple late payments as long as you are current today. The refinance also needs to lower your rate by at least half a percent, or move you from an adjustable rate into a fixed rate, so that you walk away with a genuine financial benefit.
Estimate Your IRRRL Savings
The main reason most Veterans choose this program is to lower their rate, and even a small drop makes a real difference. Reducing the rate on a $200,000 balance by half a percent can lower your payment meaningfully over the life of the loan. Use the calculator below to estimate your savings, and we will go over your exact numbers together before you commit to anything.
Lowering Your Rate, Skipping the Appraisal, and Going Nationwide
Refinancing without an appraisal
A VA IRRRL does not require a new appraisal, so even if your home value has not grown, or has dropped, since you bought it, you still qualify. It is one of the only refinance programs that does not weigh your current equity when deciding whether you qualify.
Lower payments in all 50 states
We offer the VA IRRRL across the country. Whether you are refinancing a home in North Carolina or your current home in California, you have access to the same VA streamline rates, and even a former primary residence that is now a rental can qualify.
Moving from an adjustable rate to a fixed rate
If you are still in an adjustable rate mortgage, the VA IRRRL makes it easy to move into a fixed rate with a steady monthly payment, which is especially valuable for families who face PCS orders and frequent moves.
Costs and Fees of a VA IRRRL
The fees on a streamline are minimal compared to a traditional refinance. Skipping the appraisal alone saves you somewhere between $500 and $1,000 up front. Your closing costs, things like title fees, transfer taxes where they apply, and any discount points, can be rolled into the new loan instead of paid out of pocket, and depending on your current rate we can sometimes choose a slightly higher rate that covers most or all of those costs for you. Most borrowers do pay a VA funding fee of half a percent, though that is waived entirely if you receive VA disability, and we will help you figure out whether it applies. Because the costs can be financed into the loan, you usually face little to nothing out of pocket.
VA IRRRL vs Other Refinance Options
The VA IRRRL is focused on lowering your rate and your monthly payment. If you need cash for renovations or to pay off debt, a VA cash-out refinance replaces your loan with a larger one and gives you the difference, though it does require a new appraisal and more underwriting. A conventional refinance is another route, but it usually means higher rates, an appraisal, stricter credit requirements, and out-of-pocket costs. For most Veterans the streamline stays the simplest and most affordable choice, and you can still pull some cash flow forward on an IRRRL by deferring up to two monthly payments and getting your escrow balance refunded.
VA IRRRL FAQs
How do I apply for a VA IRRRL?
Give us a call at 800-697-4371 or complete our online pre-qualification form to get started. Keep in mind this is not the only VA loan we offer, so call us today to talk through your options.
Does a VA IRRRL require a home appraisal?
No, as long as you already have a VA mortgage there is no appraisal required, which is one of the things that makes the streamline so fast.
Can I get cash out with a VA IRRRL?
You cannot take cash out with an IRRRL, but you can pull cash flow forward by deferring up to two monthly payments and receiving a refund of your current escrow balance, which often adds up to thousands of dollars in upfront savings.
How much can I save each month with a VA IRRRL?
Your savings depend on your current rate and loan balance. Once you speak with a PBT loan specialist we will review your current loan and tell you exactly how much you would save each month.
How long does it take to close a VA IRRRL?
From application to closing it usually takes 2 to 3 weeks, and faster if your timeline needs it.
Do I have to use the same lender for my VA IRRRL?
No, and PBT Bancorp is often your best option because we shop more than 35 wholesale lenders to find the best rate for you rather than offering a single product.
Is the VA funding fee required for a VA IRRRL?
It applies unless you receive VA disability, in which case it is waived. We will help you determine whether you have to pay it.
Ready to lower your VA loan payment?
Give us a call at 800-697-4371 or complete our online pre-qualification form to get started. This is not the only VA loan we offer, so call us today to find out more.