Current VA IRRRL Rates
| VA Loan Type | Interest Rate | APR |
|---|---|---|
| 30-Year VA IRRRL Streamline | 2.750% | 2.865% |
| 15-Year VA IRRRL Streamline | 2.375% | 2.656% |
| 30-Year VA IRRRL Streamline Jumbo | 2.750% | 2.922% |
Bank of America IRRRL Program
Yes and no. ... There are approved VA lenders (of which, Bank of America is one) who can help you with the VA IRRRL program and are approved to lend mortgage loans that are insured by the VA.
USAA's VA loan products include a fixed-rate 30-year purchase loan with rates starting at 3.250%, a jumbo fixed-rate purchase loan at 4.625%, and a VA refinance option: the VA interest rate reduction refinance loan (IRRRL) at 3.375%. USAA also has non-VA loan options.
(Please note: Bank of America offers FHA and VA refinance loans to existing Bank of America home loan clients only.)
Is it worth refinancing for 1 percent? Refinancing for a 1 percent lower rate is often worth it. One percent is a significant rate drop, and will generate meaningful monthly savings in most cases. For example, dropping your rate 1 percent — from 3.75% to 2.75% — could save you $250 per month on a $250,000 loan.
The VA says the "occupancy requirement for an IRRRL is different from other VA loans. ... VA IRRRL benefits can lead to monthly savings or a fixed-rate loan which can be a good deal for many qualifying veterans and military families. At least it's worth a look.
Taking on new debt typically causes your credit score to dip, but because refinancing replaces an existing loan with another of roughly the same amount, its impact on your credit score is minimal.
Mortgage refinancing is not always the best idea, even when mortgage rates are low and friends and colleagues are talking about who snagged the lowest interest rate. This is because refinancing a mortgage can be time-consuming, expensive at closing, and will result in the lender pulling your credit score.
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