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What is a VA Interest Rate Reduction Refinancing Loan (VA IRRRL)?
The VA Interest Rate Reduction Refinancing Loan, also known as the VA IRRRL, is a condensed version of a basic refinance loan. The primary purpose of this loan is to lower the interest rate and nothing else. This type of loan does not allow the borrower to tap into the equity of the home and get cash at closing. The main idea is to lower the interest rate in order to lower the payments.
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