VA Refinance (IRRRL)


VA Refinance (IRRRL)

Loan Programs to Meet the Needs of San Diego Homeowners

IRRRL is the acronym for Interest Rate Reduction Refinancing Loan, a Veterans Affairs program that is very popular for former military personnel in San Diego who wish to refinance their homes. The IRRRL loan program is often referred to as a “Streamline” or a “VA-to-VA” refinance loan. Taking advantage of this program and today’s low rates allows for significant savings.

Sierra Pacific Mortgage Company helps San Diego homeowners who want to refinance existing VA loans to new rates and terms. Feel free to learn more about the IRRRL program below, or contact our office by calling 619-894-8943 to speak with us.

How Veterans Can Save Money

The IRRRL program allows a homeowner to refinance an existing VA loan to a new loan that is either at a lower rate than original loan or to a loan at a fixed rate, if the original loan was adjustable rate mortgage (ARM). In the first case, this reduction in interest rate saves the homeowner money by lowering the monthly payment. In the latter case, moving from an adjustable rate to a fixed rate protects the homeowner from any future payment increases due to a rise in interest rates from the very low rates now in effect.

Homeowners can also save money by lowering the length of the loan to a shorter term length (for example form 30 year loan to a 15 year loan), saving money in the total amount paid (principal and interest over the life of the loan).

Costs Associated with IRRRL VA Loans

There is a fixed fee to lenders of one half of one percent (0.5%) of the loan amount, and other closing costs are typically associated with the loan and are paid by the borrower. These total costs may be paid upfront, or rolled into the overall loan amount.

We Can Help Refinance Properties in the San Diego Area using the VA IRRRL

Our San Diego office is located in Mission Valley, and our staff has the resources and dedication to help you, as we have helped people for over 25 years as a mortgage company. VA IRRRL is just one of the many types of loans we offer. Don’t hesitate to learn how VA loan programs can help you: email us or call 619-894-8943.