U.S. military veterans have access to a refinance option that could offer potential savings on monthly mortgage payments—and it’s available through INB.

The VA Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance, is a program backed by the U.S. Department of Veterans Affairs. It’s designed specifically for veterans with an existing VA home loan who want to refinance to a lower interest rate or shift from an adjustable-rate mortgage (ARM) to a fixed-rate one.

IRRRL is one of the simplest and most cost-effective refinancing options available. This loan is all about giving veterans a way to lower their monthly payments without a lot of paperwork or hassle. It’s our way of continuing to serve those who have served.

Minimal Requirements, Maximum Convenience

The IRRRL comes with significant advantages compared to traditional refinancing:

• No Home Appraisal Required – In most cases, borrowers can refinance without needing a new appraisal.
• No Income Verification – The streamlined process doesn’t require proof of income when working with INB. 
• Lower Out-of-Pocket Costs – Most closing costs can be rolled into the new loan amount, reducing upfront expenses.
• Faster Processing Time – The reduced documentation requirements mean the loan can typically close more quickly.

The IRRRL must be used to refinance an existing VA-backed loan, and the new loan must result in a tangible financial benefit—usually a lower monthly payment. Cash-out is not allowed through the IRRRL, but for many veterans, the monthly savings are well worth it. You do not need to have an INB mortgage to qualify.

Helping Veterans Build Financial Stability

Veterans don’t always know that this program exists or that they qualify. At INB, we’re working to change that.

There’s no obligation to apply, and any INB lender would be happy to review your current loan, explain your eligibility, and show you what an IRRRL could do for you.  Veterans interested in exploring the VA Streamline Refinance can reach out to an INB lender.  

Learn more about this program here.