Interest Rate Reduction Refinance Loan (IRRRL)

An Interest Rate Reduction Refinance Loan, or IRRRL (pronounced “errrrrrrl”…we’d imagine), is a home loan refinancing option available to homeowners with a VA loan.

The IRRRL is actually a really sweet deal: if we’ve got a VA loan, then we don’t need to go through the rigmarole of getting pre-approved for refinancing, because we’re pretty much guaranteed approval. No home appraisal or sky-high credit score is necessary. This makes the process much faster, easier, and more efficient for everyone involved, which is why the IRRRL is also known as the VA Streamline Refinance Program.