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Interest Rate Reduction Refinancing Loan – IRRRL Facts for Veterans

You may see it referred to as a “Streamline” or a “VA to VA.” IRRRL Facts For Veterans|Dept. of Veteran Affairs
An IRRRL may be done with “no money out of pocket” by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).
Personally, I prefer making the new loan at an interest rate high enough to enable the lender to pay the costs. Which allows me to get a better interest rate and lower my monthly payments, without rolling into the loan thousands of dollars in closing costs.