Refinances of VA
VA Refinance Options for Veterans & Active-Duty Service Members
If you currently have a VA home loan, refinancing may allow you to lower your interest rate, reduce your monthly payment, or access home equity — often with fewer restrictions than conventional refinance programs.
Greg Riordan works with Veterans, active-duty service members, and eligible surviving spouses across Prescott and Northern Arizona to evaluate VA refinance options strategically — with zero pressure and clear guidance.
What Is a VA Refinance?
A VA refinance replaces your existing mortgage with a new VA-backed loan. Depending on your goals and eligibility, refinancing may help you:
- Lower your interest rate
- Reduce your monthly payment
- Move from an adjustable to a fixed rate
- Access home equity through a cash-out refinance
- Improve long-term loan stability
VA refinance programs are designed specifically to support Veterans — often with less documentation and more flexible guidelines than other loan types.
VA Interest Rate Reduction Refinance Loan (IRRRL)
Also known as a VA Streamline Refinance, the IRRRL is designed to make refinancing simple and efficient.
Key benefits may include:
- Lower interest rate
- Reduced monthly payment
- No appraisal in many cases
- Limited income and asset documentation
- Faster closing timeline
IRRRLs are only available for refinancing an existing VA loan and must provide a tangible benefit to the borrower.
VA Cash-Out Refinance
A VA cash-out refinance allows qualified borrowers to convert home equity into cash while refinancing into a new VA loan.
Common uses include:
- Home renovations or repairs
- Debt consolidation
- Education expenses
- Large life or family expenses
This option can be used to refinance an existing VA loan — or, in some cases, convert a non-VA loan into a VA loan.
Why Veterans Choose VA Refinancing
VA refinancing is often attractive because it may offer:
- No private mortgage insurance (PMI)
- Competitive interest rates
- Flexible credit guidelines
- Streamlined refinance options
- Strong borrower protections
Greg helps ensure these benefits are used intentionally, not blindly.
Speak With Greg About Your VA Options
Call (928) 427-5156 and I’ll help you map out your next step.
How the VA Refinance Process Works
Greg walks you through the process step by step:
- Review your current VA loan and goals
- Determine IRRRL vs. cash-out eligibility
- Compare refinance scenarios side-by-side
- Confirm tangible benefit requirements
- Lock terms and complete underwriting
- Close and transition to your new VA loan
You’ll always understand why a refinance makes sense — or why it doesn’t.
When a VA Refinance May Not Be the Right Move
Refinancing isn’t automatic. Greg may advise against refinancing if:
- Closing costs outweigh long-term savings
- You plan to sell in the near future
- Your current rate and structure already align with your goals
- A refinance would increase lifetime interest unnecessarily
Honest guidance matters more than approvals.
VA Refinancing Questions (FAQ)
What is a VA IRRRL?
A VA IRRRL is a streamlined refinance for existing VA loans designed to lower rates or payments with minimal documentation.
Do I need an appraisal for a VA IRRRL?
Often no, though requirements can vary depending on lender and loan structure.
Can I take cash out with a VA IRRRL?
No. Cash-out refinancing requires a VA cash-out refinance, not an IRRRL.
How long does a VA refinance take?
Many VA refinances close within 30–45 days, sometimes faster for IRRRLs.
Can I refinance a non-VA loan into a VA loan?
In some cases, yes — depending on eligibility and entitlement.
Does refinancing reset my VA entitlement?
Typically no, though entitlement usage depends on the structure of the refinance.
Serving Veterans Across Northern Arizona
See if a VA refinance makes sense for you. If you’re thinking about refinancing in Prescott, Prescott Valley, Chino Valley, Dewey-Humboldt, or anywhere nearby, I’ll help you understand your options.