With this type of loan, you are only allowed to finance the current balance plus any closing costs. You will not be able to walk away with any excess cash. Compared to most other refinance types, a VA IRRRL is typically easier, faster, and less expensive. In most cases, there is no need to document income or assets, nor will you be required to have an appraisal performed, which helps streamline the process. It’s important to note that the VA does charge a funding fee of 0.5% of the amount borrowed to non-exempt borrowers. This funding fee can also be financed. Your Mortgage Atlanta loan specialist can walk you through the requirements of an IRRRL to help you determine whether this is the best refinance option available to you.