Bellevue, WA
This is a VA-to-VA refinance. You must have an existing VA-backed loan and certify that you currently occupy or previously occupied the home. The program is intended to improve the financing of that loan, rather than provide a general cash-out option. VA IRRRL eligibility and overview.
VA does not generally require an appraisal or a full credit-underwriting package for an IRRRL, but a lender may have additional requirements. Moving from a VA adjustable-rate loan to a fixed rate can involve a higher rate, so a rate reduction is not universal. VA IRRRL program facts.
The published VA funding fee for an IRRRL is 0.5%, with exemptions for qualifying borrowers. Closing costs may also apply. Ask whether costs will be paid upfront, financed, or offset through pricing, and how that affects your new balance and interest expense. VA funding-fee schedule.
Call (509) 926-1755 with your current mortgage statement available.