No credit check. No appraisal. No income verification.
Wait—is this even real?
If you’re a veteran or active-duty service member and already have a VA loan, there’s a shortcut to lowering your interest rate—and it doesn’t involve piles of paperwork or spending half your weekend with a notary. It’s called the IRRRL, and while the name is a mouthful (Interest Rate Reduction Refinance Loan), the process is refreshingly simple.
Here’s how it works—and how you can use it to lock in a better deal without the typical refinance drama.
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First, What Is the IRRRL—and Who Qualifies?
If you already have a VA loan, the IRRRL (often pronounced “Earl”) is your exclusive invite to the easiest refinance in the mortgage world.
No, you can’t use it to switch from a conventional to a VA loan. No, you can’t take out extra cash. But if you’re just trying to get a lower interest rate, reduce your monthly payment, or shift from an ARM to a fixed-rate loan? This is your lane.
And for many borrowers, working with Union Home Mortgage is where that lane starts to feel a whole lot smoother.
Who qualifies?
- You must currently have a VA loan
- You need to be up-to-date on payments
- You need to demonstrate a “net tangible benefit” (i.e., it must save you money or provide a more stable loan structure)
That’s it. No re-qualification required. It’s practically VA’s version of hitting the “refresh” button.
So… No Appraisal? Seriously?
Yes. No new appraisal.
That means you can still refinance even if your home’s value has dipped—or you’re not sure where it stands.
Also waived?
- Employment verification
- Income docs
- Deep credit analysis
The VA assumes that if you’ve been making your payments, you’re trustworthy. (Finally, a government process that makes sense.)
Why Rates Matter More Than You Think
You might be thinking, “I already have a decent rate… why bother?”
Fair question. But even shaving 0.5% off your interest rate can save thousands over the life of your loan—especially if you’re still early in the amortization schedule.
The IRRRL can also:
- Reduce your monthly payment
- Shorten your loan term
- Help you switch from an ARM to a fixed-rate loan (bye, rate anxiety)
- Roll your closing costs into the new loan—no upfront cash required
In short: this is about efficiency. Streamlined savings, minimal hassle.
The “Catch” (If You Can Call It That)
No government program is entirely free of fine print.
Here’s what to keep in mind:
- The loan must refinance an existing VA loan
- You usually can’t cash out more than $500 (for that, you’d need a separate VA cash-out refi)
- The new loan must offer a clear financial benefit—lower payments or improved stability
- The funding fee is 0.5% (but it can be waived for qualifying veterans with service-connected disabilities)
And yes, you still need to go through a lender—ideally one who knows VA loans like the back of their hand (hint: Union Home Mortgage).
How Long Does It Take? Blink and You Might Miss It
Because the IRRRL doesn’t require income docs or home appraisals, it tends to move way faster than standard refis. Some close in under 30 days. No kidding.
Most of the legwork happens behind the scenes. You’ll sign a few forms, confirm your new terms, and let the system do its thing. It’s refinancing without the chaos.
Final Word: Use Your VA Benefits—Don’t Let Them Collect Dust
VA loans come with a long list of perks, but too many borrowers assume their original loan terms are forever. They’re not.
If you’re sitting on a higher interest rate or stuck with an ARM that keeps you up at night, you owe it to yourself to look into the IRRRL. It’s quick. It’s smart. And it’s a benefit you’ve earned.
Start with someone who understands the process from A to Z—like the team at Union Home Mortgage. They’ll walk you through your options, tell you if it makes sense, and won’t pressure you if it doesn’t.
Because saving money shouldn’t be complicated.
And yes—you can do most of it in your pajamas.
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