Veteran Owned Mortgage Broker in Colorado Springs

Deciding to refinance your VA loan is a simple and oftentimes beneficial process. VA refinancing allows for loan holders to lower their interest rates and lower their monthly mortgage payments. It also allows homeowners to dip into their home equity to finance home-improvements or pay bills, etc. There are two ways to refinance: the VA interest rate reduction refinance loan (IRRRL) and the VA Cash-Out refinance loan. Each of them offer distinct benefits to particular qualified borrowers.

Here at The Reichert Mortgage Team, we are the leading VA loan experts in Colorado Springs. Our team of hardworking mortgage professionals will handle all VA loan-related concerns including finding the best suited loan and educating our clients on their refinancing options. Our duty is to make sure every one of our clients receive superb customer service and the best industry advice to make the smartest financial decisions possible. 


Interest reduction rate refinancing loans (IRRL) are best for those who want to lower their interest rates or change their adjustable mortgage rate (AMR) into a fixed one. Fortunately, IRRL’s are quite accessible, requiring very little paperwork and can be done in less than a month. They also provide the following benefits:

Lower Payments

After refinancing with IRRL's, homeowner's new interest rate can be lowered by at least 1%. Borrowers will likely be able to their lower monthly payments as well.

Rollover Fees

Unlike conventional loans, IRRL's allows borrowers to pay origination fees, closing costs, and funding fees throughout life of the loan in monthly installments, rather than all upfront.

Easy Application Process

The Certificate of Eligibility (COE) is not required. Borrowers need only show previous occupancy of property to start their application process. The total time it takes to refinance a VA Loan is 30 days, maximum.

Flexible Requirements

The VA does not require appraisal or a minimum credit scores. VA refinancing also allows for eligible borrowers to apply benefits to their second or third home if they still have full or partial VA entitlement.

Note: In order to receive an interest rate reduction refinance loan, you must hold a current VA loan.


VA Cash-Out refinancing loans are best suited for those who wish to dip into their home’s equity to make home improvement, pay bills, cover emergency expenses, etc. Taking advantage of the VA Cash-Out refinance loan means trading in a higher value VA loan for your previous one, receiving the difference in cash. The main features / benefits of the the VA Cash-Out refinance loan include the following: 

  • Allows qualified borrowers to refinance non-VA loans (conventional, FHA, USDA loan) into VA-backed loans.
  • Qualified borrowers may potentially receive up to 100% of their home’s value.
  • Unlike home equity loans, you will not have to pay two different mortgages to receive the cash out refinancing loan.
  • Cash out refinancing loans typically offer lower interest rates than home equity loans.

Note: VA Cash-Out refinancing loans follow the standard VA loan credit and underwriting process, which means credit score, debt-to-income ratio, etc will be evaluated by your broker.


Origination and closing fees are standard for any refinancing agreement, which we discuss with all of our clients with 100% transparency at The Reichert Mortgage Team; however, unique to the VA loan program are VA funding fees, which helps keep the Veteran’s Affair offices afloat, providing housing for hundreds of thousands of military across the nation. As your VA loan mortgage broker in Colorado Springs, we will go over these step by step to ensure we make every step of the process as seamless as possible.


The VA funding fee is .5% of total loan amount. For IRRRL’s, all refinancing fees can be payed throughout the life of the newly agreed loan, making it highly accessible to those who cannot afford it upfront. 


VA funding fee is 3.6% of the loan amount for first time VA loan borrowers; 2.3% of loan amount for those who have taken VA loans before. Fees can be paid with newly acquired cash from loan.


Refinancing makes sense for those who wish to lower their mortgage interest rate, lower monthly mortgage payments, or for those who want cash for home improvements / repairs, pressing bills, or emergency expenses. If you are looking to take advantage of your VA benefits and existing VA entitlement by refinancing your home, get in touch with us! The Reichert Mortgage Team is proud to be the leading expert in Colorado Springs for VA loans. As specialists in this field, we understand the complexities of home loans, and we will help you navigate the road to refinancing your dream home. If you have any questions about refinancing your VA loan, contact us today! Our team of hardworking professionals will gladly help you.

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