How to Get a VA IRRRL in San Diego

Do you need to refinance a VA mortgage in San Diego? If so, you can apply for a special refinance product called the VA IRRRL. This guide will go over the basic steps.

What is a VA IRRRL?

First of all, you may not be familiar with IRRRLs. This abbreviation stands for “interest rate reduction refinance loan.” It is also known as a “VA to VA” mortgage or a “streamline refinance.”

You can apply for a VA IRRRL if you want to refinance your current VA home loan into a new VA mortgage.

Steps to Getting a VA IRRRL in San Diego

One of the great things about a VA IRRRL is that the process is relatively fast and easy, thus why it is called a “streamline refinance” sometimes. Remember, to get a VA IRRRL, you must have an existing VA mortgage, and be intending to refinance to a new VA mortgage.

1. Choose a lender. Try to pick one that has successfully helped other homeowners to apply for VA IRRRLs. Not all lenders have experience with VA loan products like this one. Those that have processed many IRRRL applications in the past will be able to complete the process most rapidly for you.
2. Obtain your COE. You are going to need your Certificate of Eligibility (COE), just as you did when you applied for your original VA loan. Hopefully, you still have a copy of it from back when you applied for your current loan. If you do, you can locate it and provide it to the lender. If not, you must obtain the COE from the VA Home Loan program portal, which can be accessed online. You do not have to do this yourself. Your lender can take care of it. Just tell them you need their help with this step.
3. Submit your application for the VA IRRRL. Wait for your lender to process your application. Keep an eye on your messages in case your lender requests any further information from you.
4. Close on the IRRRL. The final step in the process is closing. When you close, there is a VA funding fee to pay. There are also closing fees and interest. You can either pay the costs at this time, or you can roll them into the mortgage. Another option that you may be offered is a higher interest rate in lieu of paying these costs yourself. Your lender can discuss what options are available with you, and help you figure out which one will be suitable for your financial needs and goals.

I Can Help You Refinance Your VA Mortgage in San Diego

One of my specializations is working with veteran homebuyers and homeowners in San Diego. I have helped many veterans and active-duty military members to apply successfully for VA IRRRLs to refinance their home loans. To get started, please give me a call at (619) 857-7191 to schedule your consultation.