VA Interest Rate Reduction Refinance: Your Best
Refinance Option?

If you already have a VA mortgage, you know how great the loan terms can be. The VA Interest Rate Reduction Refinance Loan (IRRRL) can help improve your situation by allowing you to fine-tune the terms to better fit your current needs. You can lower your interest rate, monthly payments and even reduce your mortgage term. The VA knows situations change, and they are ready to help.

At M&T Bank, we aim to make sure the refinancing process is easy to understand and simple to complete. Scroll down to learn more about a VA IRRRL or talk to an expert , utilize our easy loan wizard to explore rates and payments or get approved now.

The Good Stuff

Here are the top perks you may expect if you select a VA IRRRL as your refinance loan choice.

Lower Interest Rates

Want to lock into better numbers? A VA IRRRL allows you to lower your rate quickly and efficiently. You'll wonder why you waited so long to do this.

Lower Monthly Payments

If your monthly payment is too high, no worries. A VA IRRRL can help you lower your monthly payment and enhance your financial situation.

Few To Zero Out-Of-Pocket Costs

Get ready to be excited to learn that an IRRRL comes with few (maybe even zero) out-of-pocket costs. Chalk up another win. You can even get approved for a refinance online now.

Low Credit Requirements

VA IRRRLs are designed to help homeowners fine-tune their future. This option is available for consumers with a variety of credit scores. One of our loan professionals can quickly determine if your credit score allows you to qualify. Talk to an expert now.

Downsized Documentation Requirements

To make the refinance process simple and efficient, you won't have to submit piles of paperwork to get approved. We'll clearly outline the little bit of documentation we do need to get you on your way.

The Nuts And Bolts

For a non-credit qualifying VA IRRRL, while employment verification is required, income and assets verifications are not.
Refinance up to 100% of your home's value.
An IRRRL typically requires no appraisal or possibly an exterior appraisal only, to determine your home's value, which saves you money on appraisal costs and the hassle of coordinating an appointment with an appraiser.
Credit a consideration? No problem – credit scores as low as 620 may qualify.
Want to limit closing costs? A VA IRRRL offers a reduced upfront funding fee which can also be financed in the loan. Depending on the transaction, you may also finance other closing costs.

More Details And Specifics

You need to have a current VA mortgage to qualify for a VA Interest Rate Reduction Loan.
Available with fixed rates.
Eligible properties include Single Family Residences and approved Planned Unit Developments (PUDs) and Condos.

A Few Extras

You must have your existing VA home loan for at least 6 months before becoming eligible.
To be eligible, no mortgage late payments are allowed in the most recent 12 month period.
Want to tie things up quickly? Pay off your mortgage at any time without prepayment penalties.

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VA Interest Rate Reduction Refinance

VA Interest Rate Reduction Refinance: Your Best Refinance Option?