For veterans, active-duty service members, and eligible surviving spouses with an existing VA loan, the VA Interest Rate Reduction Refinance Loan (IRRRL)—also known as a VA streamline refinance—offers a fast, cost-effective way to lower your mortgage payments or adjust loan terms. With very minimal requirements and competitive rates, the VA IRRRL is a powerful tool for military homeowners.
What Is a VA IRRRL?
The VA IRRRL stands for Interest Rate Reduction Refinance Loan, designed for homeowners with an existing VA loan to refinance into a new VA loan with a lower interest rate or better terms. This could also mean switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. Unlike a VA cash-out refinance, the IRRRL does not provide cash but focuses on reducing your monthly payments or stabilizing your loan terms.
However, there are options to access some cash savings by deferring up to two mortgage payments and receiving your current escrow balance back in the form of a refund check.
Why Choose a VA IRRRL?
The VA IRRRL offers a quick, easy refinance with no income or asset verification and no appraisal, saving you time and money. We can often close these loans in 2 to 3 weeks with very minimal documentation required.
Key Benefits of a VA IRRRL
- Lower Monthly Payments: Refinance to a lower interest rate to reduce your mortgage costs. The VA requires at least a 0.5% rate reduction.
- Streamlined Process: Minimal documentation, no appraisal or income verification, fast closings.
- Flexible Loan Terms: Choose to shorten or extend your loan term.
- Fixed-Rate Stability: Switch from an ARM to a fixed-rate mortgage.
Pro Tip for Veterans:
An IRRRL can save you thousands over the life of your loan. Peoples Bank & Trust offers wholesale rates, saving you more than big lenders.
Enjoy lower payments and stability with a VA IRRRL.
Who Is Eligible for a VA IRRRL?
- Must have a current VA-backed mortgage.
- Veterans, active-duty service members, or eligible surviving spouses.
- At least six consecutive payments on your current VA loan.
- Must show a “net tangible benefit” (0.5% rate drop & cost recovery within 36 months).
- Home must be a primary or previously occupied residence.
- 0.5% funding fee applies unless you’re a disabled veteran.
Save with Exemptions:
Disabled veterans may qualify for a funding fee exemption. Peoples Bank & Trust ensures you maximize your VA benefits.
How Does a VA IRRRL Work?
- Assess Your Goals: Lower payments? Shorter term? Buy down the rate?
- Contact Peoples Bank & Trust: Our experts verify your eligibility and provide rate options.
- Submit Minimal Paperwork: Often just a license, insurance, and mortgage statement.
- Close the Loan: We send a notary to you to finalize.
Example: A $250,000 loan at 6.5% refinanced to 5.5% could save $150–$200/month.
Why Choose Peoples Bank & Trust Company?
- VA Loan Expertise: Thousands of IRRRLs closed. Veteran-focused knowledge.
- Personalized Service: No call centers—just real people who care.
- Competitive Rates: Wholesale rates mean bigger savings.
- Fast Closings: Often within 2 to 3 weeks, no appraisal required.
- Military Commitment: Veterans are our priority.
Why Veterans Trust Peoples Bank & Trust:
With a focus on military families and exceptional service, Peoples Bank & Trust makes your VA IRRRL seamless and stress-free.
Depend on Peoples Bank & Trust for your VA IRRRL.
Testimonials from Military Homeowners
Lt. Maria R., Navy Veteran:
“Peoples Bank & Trust made my VA IRRRL so easy! They lowered my rate, and I’m saving $180 a month.”Sgt. David K., Army National Guard:
“I switched to a fixed-rate mortgage with Peoples Bank & Trust. The process was fast and stress-free.”Capt. Emily S., Air Force Active Duty:
“As a disabled vet, I was exempt from the funding fee—and they made sure I got every benefit.”
Things to Consider Before Applying
- Closing Costs: Choose between lowest rate or lowest out-of-pocket cost.
- Loan Term: Extend or shorten? We'll guide you.
- Rate Savings: Let us run the numbers for your exact savings.
- No Cash-Out: Only defer payments or recoup escrow. Consider a VA cash-out for full equity access.
Partner with Peoples Bank & Trust:
Our VA loan specialists will help you determine if an IRRRL is right for you.
Start your VA IRRRL with Peoples Bank & Trust today.
How to Get Started
- Evaluate Your Needs: Lower payments or different term?
- Contact Us: Get pre-qualified with a tailored quote.
- Apply: Online in just minutes with minimal paperwork.
- Close and Save: We’ll send a notary directly to you!
Lower your mortgage payments with a VA IRRRL from Peoples Bank & Trust.
Ready to Refinance?
The VA IRRRL is a smart, hassle-free way to lower your mortgage payments. Let the experienced team at Peoples Bank & Trust Company help you unlock your VA benefits and save more.
Call to Action: Ready to lower your mortgage payments? Contact Peoples Bank & Trust Company today to start your VA IRRRL. Visit VA.gov for full eligibility details.
