What is a VA IRRRL and how does it work in Washington?

A VA Interest Rate Reduction Refinance Loan (IRRRL), also called a VA Streamline Refinance, lets eligible veterans lower their interest rate on an existing VA loan with minimal documentation and no appraisal in most cases. You must already have a VA loan, the refinance must result in a lower rate or move from an ARM to a fixed rate, and you must certify prior occupancy of the home. It's one of the fastest and simplest refinance options available — often closing in 2–3 weeks.