The Department of Veterans Affairs (VA) Lowered Interest Rate Refinance Loan (IRRRL) generally lowers the interest rate when refinancing an existing VA home loan. When you get a lower interest rate, your monthly mortgage payment should go down. Another advantage of the IRRRL is that Virginia mortgage holders don't have to pay financing fees or closing costs in advance. These can be included in the loan balance and paid monthly.
Disabled veterans and their spouses may also qualify for an exemption from the funding fee. Simplified VA refinancing (VA IRRRL) is a mortgage refinancing option for veterans and active duty service members with a current loan backed by the Department of Veterans Affairs, also called a VA mortgage loan. VA IRRRLs offer borrowers the opportunity to refinance their current loan to lower their interest rate or stabilize their monthly mortgage payments. Nor does the holder need to give the lender their certificate of eligibility a second time; since the borrower already has a VA loan, they have already demonstrated their eligibility to receive VA benefits.