VA Interest Rate Reduction Refinance Loan (IRRRL)
The IRRRL lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease.
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A VA IRRRL loan is used to refinance a current VA loan into another loan with a lower interest rate. A VA IRRRL loan allows Veterans to take advantage of low interest rates and simplifies the loan process. You should consider refinancing if your current interest rate is at least one percent higher than current VA IRRRL rates or you wish to change from an Adjustable Rate Mortgage to a fixed-rate. Learn more about VA loan refinance requirements and benefits by contacting a Fifth Third Mortgage Specialist.
Key Considerations
- You’re a U.S. Military Veteran and meet service time requirements.*
- You're currently serving in the military or military reserves/guard.
- Certificate of Eligibility (COE) from your original VA entitlement (no need to reapply).
- You have a VA loan and are looking to use the VA IRRRL on your existing VA loan.
Visit www.benefits.va.gov for additional information on this program.
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Key Benefits
Mortgage Loan Calculators
Determine how much to borrow and estimated payments with these easy-to-use calculators.
Determine your maximum home price and mortgage loan amount
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Find out how much you can borrow for the home of your dreams
VA IRRRL Loan FAQs
Additional Resources
Fifth Third Veterans Program
We’re honored to give back to those who have dedicated themselves to serving our country.
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The Mortgage Refinancing Process and Its Benefits
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