6 Things Veterans Should Know About VA IRRRL and VA Refinance Options
Refinancing a VA loan can be one of the smartest financial moves for veterans and active-duty service members—especially with programs like the VA IRRRL (Interest Rate Reduction Refinance Loan). Whether you’re hoping to lower your monthly payment, shorten your loan term, or skip the hassle of a new appraisal, understanding your VA refinance options can save you thousands. In this guide, we’ll cover 6 key things every veteran should know about VA IRRRL and VA refinance options—including how JPAL Mortgage helps Michigan veterans save even more by reimbursing up to $600 of their appraisal costs.
1. There Are Two Main Types of VA Refinances
When it comes to VA refinance loans, there are two main options:
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VA IRRRL (Interest Rate Reduction Refinance Loan): Often called a “streamline refinance,” this option lets you lower your interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed rate — occasionally with no appraisal and minimal paperwork.
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VA Cash-Out Refinance: This option lets you tap into your home’s equity to pay off debt, fund home improvements, or cover other large expenses.
Both options are designed to keep costs low and streamline the process for eligible veterans.
2. You Might Not Need an Appraisal
For many VA IRRRL refinances, an appraisal isn’t required — which can save both time and money. However, if you’re doing a cash-out refinance, an appraisal will likely be needed to determine your home’s current value.
(At JPAL Mortgage, we reimburse the appraisal cost up to $600 for all veterans — just one small way we say thank you for your service.)
3. You Can Refinance Even If You Recently Bought Your Home
There’s no long waiting period for a VA refinance. In fact, you can typically refinance your VA loan as soon as you’ve made six consecutive on-time payments. This is especially helpful if rates drop soon after your home purchase.
4. You Can Refinance to a Shorter Loan Term
Many veterans choose to refinance from a 30-year loan down to a 15- or 20-year term. While the monthly payment may increase slightly, the total interest saved over the life of the loan can be substantial — often tens of thousands of dollars.
If you want to see how a new rate or term could impact your payment, try our Michigan Refinance Calculator to compare options instantly.
5. You Can Reuse Your VA Loan Benefit
Your VA entitlement isn’t a one-time deal. Even if you’ve used a VA loan before, you can reuse your benefit for another refinance or future home purchase, as long as your previous VA loan has been paid off (or you meet certain occupancy requirements).
6. You Don’t Need to Work Directly with the VA
This surprises many veterans — you don’t need to contact the Department of Veterans Affairs directly to refinance. Instead, you can work with an approved VA broker like JPAL Mortgage, a trusted Michigan-based broker who partners with top VA lenders to secure the best possible rates and service.
We handle the paperwork, eligibility verification, and coordination with your lender — so you can focus on saving money.
Final Thoughts
VA refinances are one of the most flexible and affordable refinance options available today. Whether your goal is to lower your monthly payment, shorten your loan term, or access your home’s equity, JPAL Mortgage is here to help Michigan veterans get it done — quickly, clearly, and with care.
JPAL Mortgage will reimburse your VA appraisal cost up to $600 when you refinance with us.
Ready to see how much you could save with a VA IRRRL?
Contact us at: hello@jpalmortgage.com or 616-465-5725
JPAL Mortgage is proudly based in Grand Rapids, Michigan, where its two owners were born and raised! We love our veterans and truly appreciate your service! It’s a passion of ours to make the mortgage process smooth and stress-free here in Michigan! Learn more about the team at JPAL
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VA Refinance FAQ (Michigan Veterans Edition)
1. Do I need an appraisal for a VA refinance?
It depends on the type of refinance. Many VA IRRRL (Interest Rate Reduction Refinance Loan) programs don’t require an appraisal, which helps you close faster and with fewer costs. However, VA cash-out refinances almost always do.
At JPAL Mortgage, we’ll reimburse your appraisal cost up to $600 for all veterans — whether you’re in Grand Rapids, Lansing, or anywhere in Michigan.
2. How soon can I refinance my VA loan?
You can typically refinance your VA loan after making six on-time monthly payments on your current mortgage. That means if you bought your home less than a year ago, you could still qualify for a VA IRRRL if rates have dropped since then.
3. Can I refinance a VA loan if I already used my benefit?
Yes! Your VA entitlement can be reused. As long as your previous VA loan has been paid off (or you meet certain eligibility criteria), you can use your benefit again for another refinance or future home purchase. We’ll help you check your eligibility quickly during your refinance review.
4. Can I take cash out when I refinance a VA loan?
Yes — that’s what the VA Cash-Out Refinance is designed for. You can tap into your home’s equity to pay off debt, make home improvements, or cover major expenses. You can even use it to refinance a non-VA loan into a VA loan if you now qualify for the benefit.
5. What are the benefits of a VA IRRRL refinance?
The VA IRRRL is one of the easiest and most affordable ways to refinance. Veterans love it because it offers:
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Competitive interest rates
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No appraisal in most cases
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Minimal documentation
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No out-of-pocket costs at closing (in many cases)
At JPAL Mortgage, we’ll walk you through the process in a way that makes sense and make sure you’re getting the best plan available to Michigan veterans.
6. How much can I save by refinancing my VA loan?
Every situation is different, but many Michigan homeowners save hundreds per month — or tens of thousands over the life of the loan. To get an instant estimate, try our Michigan Refinance Calculator or schedule a quick call with JPAL Mortgage for a custom breakdown of your potential savings.
7. How do I start a VA refinance in Michigan?
It’s easy — just reach out to JPAL Mortgage, your best friend in home finance. We’ll verify your VA eligibility, review your current mortgage, and show you your refinance options side-by-side. You’ll know exactly what you can save and how soon you could close.
Contact us at: hello@jpalmortgage.com or 616-465-5725