Who it's for
You must already have a VA-backed home loan on the property and be refinancing that loan. The VA lists the occupancy certification requirements.
Costs
Closing costs and a funding fee may apply, and may be financed into the new loan. Financing costs increases your balance.
Compare the full picture
Look at how long it takes for monthly savings to recover the costs, and the total paid over the life of the loan, not just the new payment.
What Eileen can help with
- Reviewing your current VA loan
- Comparing costs, break-even and total interest
- Explaining whether an IRRRL or another option fits your goals
Frequently asked questions
- Will an IRRRL lower my payment?
- Not necessarily. It depends on current rates, your loan and the costs. There's no guaranteed lower rate or payment.
- Do I need a new COE?
- The VA states you typically don't need a new COE for an IRRRL; your lender can confirm what's needed.