VA IRRRL

Feb 18, 2022

What is a VA IRRRL?

A VA Interest Rate Reduction Refinance Loan (IRRRL) is a refinancing option for eligible veterans who already have a VA loan. It allows borrowers to reduce their interest rates, lower their monthly payments, and streamline the refinancing process. For Tulsa, OK veterans, this option can be a financial lifesaver.

Key Benefits of VA IRRRL

  1. Lower Interest Rates: The primary objective of an IRRRL is to reduce your existing VA loan’s interest rate.
  2. Simplified Process: With no need for a new Certificate of Eligibility, credit check, or appraisal, the IRRRL process is streamlined.
  3. Lower Payments: With a lower interest rate, your monthly mortgage payments could be significantly reduced.

Potential Downsides

  1. Closing Costs: These may be added to the loan balance or absorbed through a higher interest rate.
  2. Fixed to Fixed Only: You must refinance from a fixed-rate mortgage to another fixed-rate mortgage.

Eligibility Criteria

  1. Current VA Loan: The property must be tied to an existing VA loan.
  2. Occupancy: The property must have been your primary residence at one point, but it doesn’t have to be currently.
  3. Payment History: You should have a strong history of timely payments on your existing VA loan.

How to Apply for a VA IRRRL in Tulsa, OK

To get started, consult with your lender (preferably the one who issued your original VA loan) to discuss your options and eligibility. Then, you’ll go through a documentation process which is less intensive than your original VA loan application.

What You Should Know Before Applying

Before starting the application process, have a clear understanding of the current interest rates and how they compare to your existing loan’s rates. A small reduction can result in substantial savings over time.

About Kyle Bradley, Your VA IRRRL Specialist in Tulsa, OK

Kyle Bradley | The Bowtie Lender VP Mortgage Banker
NMLS #488324
Kyle Bradley Mortgage
100 S. Riverfront Dr. Jenks, OK 74037
C: (918) 855-0494
E: [email protected]
www.kylebradley.com

With 16 years in the mortgage industry, my expertise extends beyond conventional and FHA loans to include VA IRRRL. Iā€™m committed to guiding veterans through the mortgage maze, ensuring they benefit from the full range of loan options available. I prioritize your happiness and the timely closing of your transaction. For a detailed consultation on VA IRRRL or any other mortgage concerns, contact me.

Contact Me for a Personalized Consultation

For more information on VA IRRRLs in Tulsa, OK, or to begin your refinancing journey, reach out to me at (918) 855-0494 or [email protected]. Let’s explore how you can lower your interest rate and monthly payments today.