It depends on what your goals are. With an IRRRL, for example, you can refinance the remaining balance of your VA loan to help lower your interest rate and monthly payment.

Explore more reasons to refinance your home, view when should I refinance my mortgage article.

The VA IRRRL process usually has fewer steps than a home purchase, but any step could have delays.

It's possible. You could see an increase in your monthly payment if you add closing costs or discount points to your loan. You might also see an increase if you're reducing your term or refinancing an adjustable-rate mortgage, or ARM, to a higher-rate loan.

When you apply for a VA IRRRL, the principal and interest on the new loan must be less than the current loan, unless you meet one of these exceptions:

• You're refinancing an ARM to a fixed-rate loan.
• The IRRRL term is shorter than the existing loan.
• You're planning to make home energy improvements with the IRRRL.