Top 3 Lenders with the Best VA IRRRL Interest Rates
Discover the top three lenders offering the most competitive VA IRRRL interest rates. This guide highlights lenders like Veterans United, USAA, and Navy Federal, detailing their loan programs, rates, and benefits. Understand how these lenders simplify the refinancing process for veterans, with low interest rates and no requirement for a new Certificate of Eligibility. Whether you're looking for fixed or jumbo VA loans, find out which lenders offer the best terms available today to help you lower your mortgage costs effectively.
Leading Lenders for the Best VA IRRRL Rates
The U.S. Department of Veterans Affairs (VA) provides a helpful refinancing option known as the Interest Rate Reduction Refinance Loan (IRRRL) for eligible veterans and military members. This program allows existing VA loan holders to lower their interest rates, reduce monthly payments, and switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM). One of the key benefits of an IRRRL is that borrowers do not need a new Certificate of Eligibility or proof of income. If you already have a VA loan, refinancing through an IRRRL can be straightforward. Keep reading to discover the top lenders offering the most competitive VA IRRRL rates currently:
Veterans United Home Loans
This lender has been recognized for the highest volume of VA loans closed from 2016 to 2020. Their no-down-payment options and programs tailored for first-time homebuyers have earned them a stellar reputation for customer service. Currently, they offer six 30-year VA loan options, including a Streamline IRRRL, VA Cash-Out, and Jumbo loans, with low IRRRL rates starting at 2.750% for the 30-year fixed and 2.990% for the 30-year VA Cash-Out Jumbo. Rates may vary based on credit scores and market conditions.
USAA
USAA specializes in VA jumbo home loans up to $3 million without charging funding fees. The company also provides enhancements in insurance, banking services, and member discounts. Their online process simplifies mortgage calculations and pre-approvals, although final documentation is completed offline. The current VA IRRRL rates are as low as 2.875%, while VA Jumbo IRRRL rates are approximately 3.500%.
Navy Federal Credit Union
This credit union offers benefits such as no down payment requirements and no private mortgage insurance for qualifying borrowers. They provide various loan types, including purchase, refinance, jumbo, fixed, and adjustable-rate VA loans, with IRRRL rates between 2.100% and 2.465% depending on the loan term. Navy Federal's "Freedom Lock" feature allows rate locking or floating without additional fees. They also offer a rate match guarantee — if a borrower finds a lower rate elsewhere, Navy Federal will match it or pay $1,000 after loan closing.
