IRRRL Refinancing: Quick Facts About the interest rate reduction Refinance Loan Program The IRRRL is a simple process compared to the original VA mortgage loan. Most of the time, the lender is able to close automatically.
However, there is another way to lower your mortgage rate without refinancing: a loan modification. Loan modification to lower mortgage rates. If you are having trouble keeping up with your monthly mortgage payments, you can apply for a loan modification to reduce your interest rate and hence, lower your monthly payments.