Created in 1944 for veterans returning home from the second world war, VA loans are home mortgage loans guaranteed by the Department of Veterans Affairs. The loans offer veterans the chance to get long-term financing at good rates.

D. Shane Whitteker is the owner and chief broker at State College based Principle Home Mortgage. They specialize in helping their veteran clients find the best mortgage for them, and then helping them navigate through the process.

According to Whitteker, the VA is currently offering a VA loan option that features especially low rates.

"One VA loan option offered is called an IRRRL loan. This is a streamlined loan process designed for current VA mortgagors to reduce interest rate and or term," Whitteker says.

What does this mean? Whitteker says it’s a good time to review your mortgage options.

"Currently rates are incredibly low and this is a good time for any veteran who has a mortgage to refinance,” Whitteker says.

If you don’t currently have a home mortgage that is a VA loan, this special loan offer isn’t for you. If however you do currently have a home with a VA loan, you should contact a mortgage broker as soon as possible to learn more.

The IRRL is only for homeowners that currently have a VA loan. The IRRRL allows for a significantly cheaper VA funding fee which helps to keep costs down.

Hate a lot of paperwork? You're going to love the IRRRL.

"The IRRRL mortgage is also typically much easier on the borrower as far a gathering documentation goes," Whitteker says.

If you'd like to learn more about ways you can save on your VA loan, contact Principle Home Mortgage at their State College office today. They are experts in helping their clients find the best mortgage, and they’re centrally located in State College Pennsylvania.