The US Department of Veteran Affairs (VA) offers a valuable option of an Interest Rate Reduction Refinance Loan (IRRRL) for veterans and related members. This enables individuals who already have VA loans to reduce their debts and avail a lower rate of interest. It shortens the loan term and helps transform an adjustable-rate mortgage (ARM) into a fixed-rate mortgage (FRM). The main advantage of an IRRRL is that borrowers do not need a new Certificate of Eligibility or a minimum income.

Veterans United Home Loans
This lender was honored for closing the highest number of VA loans right from 2016 to 2020. Their no-down-payment programs and the one designed for first-time homebuyers receive the most credit for being the best in terms of customer service. Presently, the company offers six 30-year VA programs, including a Streamline IRRRL, a VA Cash-Out, and Jumbo loans with low VA IRRRL rates ranging from 2.750% for a 30-Year Fixed and 2.990% for the 30-Year VA Cash-Out Jumbo program. The rates may vary depending on the borrower’s credit score and market conditions.

USAA
USAA is known for its VA jumbo home loans that allow borrowers to get up to $3 million without charging any money for VA funding fees. They also offer additional benefits on insurance, banking and have member discounts. The online process of VA loans is very systematic. Borrowers can easily calculate their mortgage by filling up basic details (loan term, house price, down payment, etc.) and also get pre-approved loans. However, the final document cannot be processed online. Presently, the VA IRRRL rate is as low as 2.875%, and the VA Jumbo IRRRL rate is about 3.500%.

Navy Federal Credit Union
The main benefit here is that borrowers are not required to pay a down payment or purchase private mortgage insurance. They offer purchase, refinance, jumbo, fixed, adjustable VA loans with low VA IRRRL rates of 2.100-2.465% depending on the loan term. Navy Federal has an additional feature called Freedom Lock that allows borrowers to lock or float the interest rate without any extra charge. They even have a rate match guarantee option which means that if the borrower can find another lender with a low-interest rate, they will either match the rate, and if they can’t, they will pay $1,000 once the borrower has closed the deal with the other lender.