Key Benefits of a VA IRRRL

A major benefit of the VA IRRRL is its simplified process, which makes refinancing quicker and easier for veterans. Unlike traditional refinances, the IRRRL typically does not require a new appraisal, credit check, or extensive income verification. This streamlined approach reduces paperwork and time spent, allowing borrowers to access better loan terms without unnecessary delays or complications.

The primary goal of a VA IRRRL is to help borrowers secure a lower interest rate, which can significantly reduce their monthly mortgage payments. Veterans with an adjustable-rate mortgage (ARM) can also take advantage of the program to lock in a more stable, fixed-rate mortgage, providing long-term financial security. With the backing of the VA, these refinances often come with more favorable terms than conventional loans, making it a smart choice for veterans looking to save on interest over time.

Another significant advantage of the VA IRRRL is that it often allows borrowers to roll closing costs into the new loan, meaning they don't have to pay anything upfront. This makes it easier for veterans to refinance without facing out-of-pocket expenses. Additionally, since the VA doesn’t require private mortgage insurance (PMI), borrowers can save even more on their monthly payments, further reducing their overall mortgage costs.

Refinancing with a VA IRRRL can often be completed in as little as two weeks, with minimal documentation required – a simple, straightforward process to help you save!

This is because of the easier appraisal and also because the seller wil likely believe the buyer is stronger financially if they are approved for conventional meaning it is less likely to not close.

Who is a VA IRRRL good for?

• VA borrowers who want to lower their interest rate but do not need to take cash out.

• VA borrowers who currently have an adjustable rate loan and would like to change to the stability of a fixed rate.

• VA borrowers who do not want to pay for a new appraisal or lots of closing costs and fees.

Special Features of a 

VA IRRRL

• Recoupment Requirement: Borrowers must typically recoup the costs of the refinance within 36 months, ensuring long-term savings.  
• Seasoning Period: The loan being refinanced must have been in place for at least 210 days and include six consecutive on-time payments.  
• Low VA Funding Fee: Enjoy a significantly reduced VA funding fee compared to new purchase loans, keeping costs lower.
• Rate Reduction Only: The VA IRRRL cannot be used for cash-out refinancing; it’s designed solely to lower the interest rate and monthly payment.    

Not every lender takes full advantage of today’s technology. This can make the process feel frustrating and slow at times.

 At Groves Capital, we blend modern convenience with personal service. Complete your entire application online—submit documents, sign with DocuSign, and finish everything from the comfort of your home. Prefer a personal connection? Call or visit our physical office to work directly with our experienced team, not a call center. With our technology and expertise, we make refinancing fast, easy, and efficient—often wrapping up the process in just a couple of weeks.