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Interest Rate Reduction Refinance Loan (IRRRL): Often called a VA streamline refinance, an IRRRL loan is available to current VA loan-holding homeowners looking to secure a lower interest rate.
Also known as a VA streamline refinance, an interest rate reduction refinance loan (IRRRL) is a type of refinance exclusively for VA loans that can lower your monthly mortgage payments.
A VA cash-out refinance is a type of mortgage guaranteed by the VA that essentially swaps your current mortgage with a new, larger loan that allows borrowers to take the extra amount out as ready ...
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and ...
Refinancing a VA loan. There are two main ways to refinance a VA loan: with an Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA streamline refinance; or with a VA cash-out refinance.
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [1]The Veterans' Compensation Cost-of-Living Adjustment Act of 2014 would direct the Secretary of Veterans Affairs to increase, as of December 1, 2014, the rates of veterans' disability compensation, additional compensation for dependents, the clothing allowance for certain ...
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