A VA IRRRL is a streamlined process that allows you to eliminate a lot of red tape when refinancing your existing VA mortgage. As a current Caliber customer with VA loan, we make the process easier for you and deliver a smoother, faster path to closing than your typical loan process.*
IRRRL stands for Interest Rate Reduction Refinance Loan (pronounced “Earl”) and it’s an easy way to replace your current VA loan with one that has a lower interest rate. You can also use it to shorten your VA mortgage term or to switch from an ARM to a fixed-rate loan. And while most funding fees typically range from 2.14% to 3.3%, an IRRRL comes with a lower VA funding fee of just 0.5%.
Caliber is proud to support veteran and military home buyers, you can find out more about our initiatives by visiting Caliber Military Lending.
*VA Streamline Refinance Eligibility and Property Requirements: Be current on your mortgage with no more than one 30-day late payment within the past year. Your new monthly payment for the IRRRL must also be lower than the previous loan’s monthly payment unless you refinance an ARM to a fixed-rate mortgage. You must not receive any cashback from the VA Streamline Refinance. You must have previously used your VA Loan eligibility on the property you intend to refinance and certify that you previously occupied the property. You may see this referred to as a VA to VA refinance.
Update the information below to estimate your monthly payment
Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.
Monthly Principal & Interests : $1145.80
Monthly Real Estate Taxes : $316.67
Monthly Insurance : $66.67
Monthly PMI : $0.00
Total Monthly Payments : $1529.13
Loan To Value Ratio : 80.00%
Months With PMI : 0 months
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|*Closing cost offer available to customers who apply for a new purchase loan. Only available for single family primary residences and existing Caliber customers. Credit provided at closing. The offer is nontransferable and can only be used by the intended recipient. Advertised discount can only be applied toward payment of closing costs up to a total amount of $1,000 subject to product underwriting guidelines. Any portion of the discount amount not used toward closing costs will be waived.
|**A pre-approval does not signify that all underwriting requirements have been met. Actual terms, including interest rate, are subject to change without prior notice and may vary based on eligibility criteria. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Please contact Caliber for additional details.
|***The lock will be honored up to 75 days total. Your rate is protected for up to 30 days to shop for a home. Once you identify a property, your rate will be locked for an additional 45 days. All rate lock extensions are subject to Caliber’s standard rate lock extension fees All rate lock extensions are subject to Caliber’s standard rate lock extension fees. Not available for all loan products. Please contact Caliber for additional details.
|****Caliber agrees to pay the borrower the amount of the earnest money deposit (up to $5,000) following the home loan closing, if the loan does not close on or before the contract closing date due to a delay caused by Caliber. Void if there are any material changes to income or assets. Offer requires 30 business days from Caliber’s receipt of purchase contract to closing date. Other requirements include: Minimum 700 credit score, owner occupied purchase transaction. LTV and property type restrictions may apply. Available only through the Caliber Retail Channel. Payment may be subject to reporting for tax purposes. Please contact Caliber for additional details.|