What Is the VA IRRRL (Interest Rate Reduction Refinance Loan)?

The Interest Rate Reduction Refinance Loan (IRRRL)—often called the VA streamline refinance—is a simple, fast way for Veterans and service members to refinance an existing VA-backed home loan into a new VA loan with a lower interest rate.

Its purpose is right in the name: to reduce the interest rate on your existing VA loan, lowering