The Interest Rate Reduction Refinancing Loan (IRRRL) offers current VA mortgage holders an excellent opportunity to take advantage of low interest rates. But before you call your lender, there's a few things you need to know.
The new interest rate must be lower than your existing rate. To make it worthwhile your new interest rate should be at least 1 % lower than your existing rate.
Under the IRRRL program, you cannot receive cash proceeds from the refinance. This means that if your existing mortgage is $90,000 you cannot tack on...
