If you have a VA-backed loan, the VA Streamline Refinance (IRRRL) makes it easier to lower your rate, reduce monthly payments, or switch from an adjustable to a fixed loan. With less paperwork and minimal costs, it’s a fast way to improve your mortgage. At Sammamish Mortgage, we help veterans and service members in WA, OR, ID, CO, and CA take advantage of this program with confidence.
A VA Streamline Refinance is known as an Interest Rate Reduction Refinance Loan (IRRRL) by the government. In order for a loan to qualify as a VA Streamline refinance the existing loan being paid off must be a VA loan. The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying often with minimal or no closing costs.
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You do not have to use your current lender when doing a VA Streamline Refinance. It is beneficial to check around with various lenders to ensure you are getting a fair deal. We’re a local, family-owned mortgage firm based in the Washington area and serve the entire state, in addition to the broader Pacific Northwest region including Oregon, Colorado, and Idaho. Please get in touch with us with any mortgage-related questions or to get a rate quote.
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You may have a variety of different reasons for wanting to refinance. If interest rates have dropped, you can refinance to lower your total cost of ownership. If your payment is too high, you can refinance and lengthen your loan term to drop your monthly expenses. The VA Streamline Refinance process makes it easy and fast to refinance your home loan and you won’t get bogged down in red tape.
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The VA Streamline loan process is easy compared to other loan programs: once you have already been approved for your initial VA purchase loan, it is relatively simple to lower your interest rate and experience savings. In most cases, there is less documentation and the loan process moves much faster than a standard transaction.
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Closing costs can be rolled into the cost of the loan, allowing veterans to refinance with no out-of-pocket expenses. For most veterans, it is beneficial to take a slightly higher interest rate in exchange for a lender credit covering most or all of the closing costs. Your loan officer can go over the pros and cons of each situation to make sure you are picking the most effective option on any given day.
Get StartedOnly borrowers with an existing VA-backed mortgage are eligible.
No, it’s strictly for refinancing an existing VA loan into another VA loan.
Main perks include lower interest rates, reduced monthly payments, and minimal documentation requirements.
Yes, switching from an ARM to a fixed-rate loan is a common use of the IRRRL.
If the new loan offers a lower interest rate or better terms, you’ll likely save on monthly payments and long-term interest.
No, an appraisal is typically not needed for a VA Streamline Refinance.
It can be completed in as little as 10–30 days, depending on the lender.
No, IRRRLs are only available for properties that were once your primary residence.
Yes, you can choose a shorter or longer term depending on your financial goals.
No, IRRRLs do not allow cash-out refinancing. For that, you’d need a VA Cash-Out Refinance.
There is no set limit, but each refinance must provide a net tangible benefit.
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We put YOU first. We are committed to securing the most competitive deal for every client, every single time. Sammamish Mortgage offers some of the most competitive rates in the nation and serve clients in Washington, Oregon, Idaho, Colorado, and California. Fast and efficient, we close most of our loans quickly and on time. We offer a variety of mortgage loans to suit your needs. Contact us today with any questions you have about mortgages, or visit our website to get an instant rate quote.
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Whether you’re buying a home or ready to refinance, our professionals can help.
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