Already have a VA loan and want to explore a streamlined refinance? Start here — and get the up-front details on costs, funding fees, recoup rules, and when a VA IRRRL may not be a good idea.
Most VA IRRRLs include a VA funding fee set by the VA. It’s often smaller than other VA programs and can usually be financed into the loan, but it’s still real money. You’ll also have closing costs (lender, title, recording, etc.). We lay these out early so you can decide whether the trade-off feels worth it.
Even if your interest rate drops, your payment could rise if you shorten your term, roll costs into the loan, adjust escrows, or remove a temporary buydown. We’ll show you how each of these pieces affects the new payment — not just the headline rate.
VA and many lenders look at whether you reasonably “recoup” your costs within a certain period and whether there’s a clear benefit (rate, payment, or loan type). We’ll talk through this in plain English so you can see if an IRRRL aligns with how long you expect to keep the loan.
Lowering the payment by stretching the term can increase total interest over the life of the loan. Shortening the term may increase payment but reduce lifetime interest. We’ll show you both views so you’re not surprised later.
When you refinance, your escrow account is re-set. Changes in taxes or insurance can move your payment up or down separately from the rate. We’ll explain how the new escrow is calculated and what to expect your first year.
On most owner-occupied refinances, you have a short “right of rescission” window after signing to cancel if something doesn’t feel right. We’ll explain those timelines and how to use them if needed, so you never feel trapped.
At every step, you’ll see both the short-term impact (monthly payment) and the longer-term picture (total costs and timing), not just a quick “your payment is lower” headline.
Many conversations jump straight to “You’re approved!” without asking whether the refinance truly lines up with your plans. We’ll slow down long enough to talk about your expected time in the home, other debts, and what could change in the next few years.
If you’d be extending your term dramatically, adding a lot of costs to your balance, or barely recouping fees before you expect to move, we’ll call that out plainly — even if it means pausing or saying no to the refinance.
Rate quotes, costs, and escrow projections can shift as we collect more information and markets move. We’ll clarify what’s an early estimate, what’s locked in, and what could still change so you’re not surprised later in the process.
You’re welcome to compare our numbers with others. We’ll happily explain how our estimate is structured so you can make an apples-to-apples comparison across offers.
No. Starting an application lets us gather enough information to outline options in detail. You are not obligated to move forward, and we’ll review updated numbers with you before you decide whether to sign any closing documents.
You’ll see an itemized estimate of lender fees, third-party fees, and any VA funding fee on your Loan Estimate and later on your Closing Disclosure. We’ll also talk through which costs are one-time vs. ongoing so you can see the full picture, not just the monthly payment.
A mortgage application normally involves a credit inquiry, which may have a small, temporary impact on your score. Over time, consistent on-time payments are generally more important than a single inquiry. We don’t run credit for curiosity — only when there’s a real possibility a refinance could make sense.
Then we say so. If the costs are too high for the benefit, the timing doesn’t line up with how long you expect to keep the home, or guidelines make the file too tight, we’ll explain why and talk through alternatives, including doing nothing for now.
No. A VA IRRRL is generally used to improve rate, payment, or loan type on an existing VA loan, not to access equity. If you’re considering pulling cash out, we can discuss other VA or non-VA programs separately, subject to eligibility and guidelines.
Whether you’re leaning toward refinancing or just want to see the numbers most people don’t get up front, we’re here to walk through the details calmly and clearly — including when it might be better to wait.
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