If you already have a VA-backed mortgage loan and want to reduce your monthly mortgage payments or make your payments more stable, a refinance loan with reduced interest rates (IRRRL) may be right for you. Refinancing allows you to replace your current loan with a new one under different conditions. A VA IRRRL, also known as a VA Streamline, can help you refinance at a lower interest rate through the VA. Your new terms should provide you with an immediate financial benefit, such as a lower interest rate or a lower monthly payment.
IRRRL stands for Interest Rate Refinancing Loan. They may call it Streamline or VA to VA. These loans are usually used to lower the borrower's interest rate or to convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage. IRRRL stands for Interest Rate Refinancing Loan, also known as a simplified loan or a VA to VA loan.