Ready to save money on your VA loan? The VA Interest Rate Reduction Refinance Loan (IRRRL) application process is designed to be streamlined and efficient. Think of it as the “express lane” of refinancing. Together, let’s walk through these steps to get you on the path to lower payments.

Pre-Application Preparation (1-3 days)

Getting your ducks in a row

Step 1 – Verify Your Eligibility 

Time for a quick eligibility check! Make sure you tick all these boxes:

• Confirm you currently have a VA-guaranteed home loan
• Ensure your loan is at least 210 days old from the first payment due date (38 USC 3709)
• Verify you’ve made at least six consecutive monthly payments (38 USC 3709)
• Check that you’re current on your existing VA loan

Step 2 – Gather Initial Documents 

Now, let’s play document detective! Round up these essential papers:

• Current mortgage statement
• Original loan note or final Closing Disclosure from your existing VA loan
• Certificate of Eligibility (COE) from your original VA loan
• Recent pay stubs (if lender requires income verification)

Step 3 – Speak to a VA-approved Lender

Now the fun begins.

• Contact a VA-approved lender

• Ask about interest rates and Annual Percentage Rates (APR)
• Ask about lender-specific requirements beyond VA minimums
• Inquire about processing times and closing cost estimates
• Request rate lock periods (typically 45-60 days)

Pre-Application Tips

• Calculate your break-even point before applying (think of it as your “money-saving math”)
• Keep your job steady if lenders want income verification
• Gather documents early—future you will thank present you for being organized!

Application Submission (3-5 days)

Making it official

Step 4 – Complete an Application

The paperwork phase. Don’t worry, it’s not as scary as it sounds.

• Submit the Uniform Residential Loan Application (Form 1003)
• Provide current mortgage information
• Certify your previous occupancy of the property
• Choose whether to roll closing costs into the new loan

Step 5 – Submit Required Documentation

• Upload or provide your gathered documents
• Allow lender to verify mortgage payment history electronically
• Provide additional documentation if requested by lender

Step 6 – Rate Lock and Initial Review

• Lock in your interest rate with chosen lender
• Review initial loan estimate
• Ask questions about any fees or terms you don’t understand

Application Tips

• Double-check everything—accuracy is your friend here
• Respond to lender requests faster than you respond to text messages
• Keep copies of everything (yes, everything!)
• Need someone to have your back? Work with experienced VA loan specialists like Intelliloan who can guide you through our streamlined process and help expedite your paperwork.

Processing and Underwriting (7-14 days)

The behind-the-scenes magic

Step 7 – Lender Processing 

While you’re living your life, here’s what’s happening behind the scenes:

• Lender verifies your mortgage payment history
• Credit check may be conducted (lender discretion, not VA requirement)
• Title search and title insurance ordered
• Property tax and insurance information gathered for escrow

Step 8 – Underwriting Review

• Underwriter confirms net tangible benefit requirement is met
• Verification that refinance provides lower rate or payment
• Review of loan-to-value ratio (no appraisal typically required)
• Calculation of new loan amount including any rolled-in costs

Step 9 – Conditional Approval

• Receive conditional approval with any remaining conditions
• Address any outstanding documentation requests
• Clarify any questions from underwriter

Processing Tips

• Stay in touch with your loan officer (they’ll be your new best friend throughout this process)
• Resist the urge to make any major financial moves. New cars, another credit card, or that surprise shopping spree can wait.
• Practice patience. Good things come to those who wait (and the savings will be worth it!)

Closing Preparation (2-5 days)

The home stretch

Step 10 – Final Documentation Preparation 

You’re almost home! Time for the final paperwork prep:

• Lender prepares Closing Disclosure (CD)
• Review CD carefully – you’ll receive it at least 3 days before closing
• Verify loan terms, interest rate, and closing costs
• Confirm your funding fee (0.5% of loan amount unless exempt)

Step 11 – Closing Coordination

• Schedule closing appointment at title company or attorney’s office
• Confirm final wire transfer or certified funds needed (if any)
• Arrange for any required parties to attend closing
• Prepare identification and any additional required documents

Step 12 – Final Walkthrough

• Confirm understanding of new payment amount and due date
• Verify escrow account setup for taxes and insurance
• Ask any final questions about loan terms

Closing Preparation Tips

• Read your Closing Disclosure like it’s your favorite book—every detail matters
• Don’t be shy about asking questions (seriously, ask away!)
• Confirm your closing details twice—location, time, what to bring

Closing Day (1 day)

The victory lap

Step 13 – Closing Day

It’s signing day! Time to make it official:

• Review and sign all loan documents
• Sign the new promissory note
• Execute the deed of trust or mortgage
• Review truth-in-lending disclosures
• Receive copies of all signed documents

Step 14 – Funding and Payoff

• Loan funds are disbursed after any applicable rescission period
• Original VA loan is paid off automatically
• Title company records new deed of trust

Step 15 – Post-Closing

• Receive information about your new loan servicer
• Set up automatic payments or online account access
• Receive first payment coupon or instructions
• Keep all closing documents for your records

Closing Day Tips

• Bring a good pen and valid ID (the two essentials!)
• Slow down and take your time reviewing documents—it’s not a race
• Celebrate when you’re done. You just saved yourself money!

Common Application Challenges and Solutions

Don’t worry, we’ve got answers for the bumps in the road

Challenge – Missing or Outdated Documents

Solution: Get ahead of this by requesting documents from your current lender early (like, really early!)

Challenge – Employment or Income Changes

Solution: Give your lender a “heads up” immediately. Communication is key

Challenge – Title Issues

Solution: Work with your title company to resolve these quickly (they’re the experts!)

Challenge – Rate Lock Expiration

Solution : Stay on top of your timeline and keep chatting with your lender

The VA IRRRL application process is designed to be faster and simpler than traditional refinancing. Think of it as the VIP treatment for veterans! By following these steps and staying organized, you’ll successfully navigate the process and start enjoying those lower monthly payments in no time.

Sources

VA Requirements:

• 38 USC 3709 – 210-day waiting period and 6 consecutive payments requirement
• 38 CFR § 36.4254 – 0.5% funding fee structure
• VA Circular 26-18-13 – Net tangible benefit and documentation requirements
• VA Lender’s Handbook Chapter 6 – IRRRL processing guidelines

Industry Standards:

• Uniform Residential Loan Application (Form 1003)
• Truth in Lending Act (TILA) – 3-day Closing Disclosure review period
• Real Estate Settlement Procedures Act (RESPA) – Closing process requirements

*This is guide is intended for informational purposes only and timeline estimates are based on industry standards and may vary by lender and loan complexity.