What to Know About a VA IRRRL Refinance

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The VA IRRRL, also known as a VA streamline refinance, lets you lower your interest rate or switch from an adjustable to a fixed rate with less paperwork and no appraisal. It's available only to veterans with an existing VA loan, and you generally can't take cash out. The key perk is reduced costs and faster closing, but you still need to show that the new loan provides a tangible benefit, like lower monthly payments or a more stable rate.