If you have had a conversation with someone who has a VA loan and they have mentioned that they just did a special refinance program called a “VA EARL”, then you heard it right. There is a VA loan refinance program that is designed for Veterans who have a VA loan where they can reduce their monthly mortgage payment and save thousands over the life of their loan.
And yes, when it is pronounced it sounds like “EARL”.
But in writing – it is the VA IRRRL refinance program. IRRRL stands or Interest Rate Reduction Refinance Loan – or just IRRRL for short. And when you say IRRRL is sounds just like EARL.
EARL or IRRRL: What You Want To Know
Regardless of EARL or IRRRL, the program will allow you to refinance your old VA loan and get a new VA loan with a lower interest rate. There are specific guidelines, rates and fees that will be different at each lender – so the easiest way to see if a particular lender can help you in your situation is to get multiple written rate quotes from multiple VA approved lenders.
I am not aware of any VA approved lender who is not willing to help people with the IRRRL program. If a lender is VA approved, that means they can help people purchase a new house as well as refinance an existing VA loan – which often means they use the VA IRRRL / VA streamline refinance program.
Not all lenders are VA approved, but any VA approved lender can help you with the EARL refinance (or IRRRL refinance) and will be happy to give you a written quote. You can get started here, simply submit your information and get matched up with a VA approved lender who can help you get approved for the program today!