Veteran Owned Mortgage Broker in Colorado Springs

VA refinancing allows loan holders to lower interest rates and monthly mortgage payments. It also allows homeowners to dip into home equity to finance home improvement or pay bills. There are two ways to refinance: the IRRRL and the VA Cash-Out refinance loan.

Here at The Reichert Mortgage Team, we are the leading VA mortgage loan experts in Colorado Springs. Our hardworking mortgage professionals will handle all VA loan-related concerns, including finding the best-suited loan and educating our clients on their refinancing options. We prioritize providing superb customer service and the best financial advice possible to every client.


Interest reduction rate refinancing loans (IRRRL) are best for those who want to lower their interest rates or change their adjustable mortgage rate (AMR) into a fixed one. Fortunately, IRRRLs are accessible, require very little paperwork, and you can complete the loan process in less than a month. They also provide the following benefits:

Lower Payments

After refinancing with IRRRLs, the homeowner's new interest rate will be at least 1% lower. As a result, borrowers will likely be able to lower monthly payments.

Rollover Fees

Unlike conventional loans, IRRRL allows borrowers to pay origination fees, closing costs, and funding fees in monthly installments rather than all upfront.

Easy Application Process

The Certificate of Eligibility (COE) is not required. Borrowers need only show the previous occupancy of the 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 an appraisal or a minimum credit score. In addition, VA refinancing allows eligible borrowers to apply benefits to their second or third home if they still have full or partial VA entitlement. Did you know that there’s no limit on how many VA loans you can have in a lifetime? In some situations, you can even have 2 active VA loans at the same time.

Note: To receive an interest rate reduction refinance loan, you must have an existing VA loan.


VA Cash-Out refinancing loans are best suited for those wishing to dip into their home’s equity to make home improvements, pay bills, and cover emergency expenses. 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 primary features of the VA Cash-Out refinance loan include the following: 

  • Allows qualified borrowers to refinance non-VA loans (conventional, FHA, USDA) into VA-backed loans.
  • Qualified borrowers may 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.


Up-front and closing fees are standard for any refinancing agreement, which we discuss with all of our clients at The Reichert Mortgage Team. However, VA funding fees are unique to the VA loan program. These fees help keep the department of Veteran’s Affairs afloat, providing housing for hundreds of thousands of military nationwide. 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 the total loan amount. For IRRRLs, you can pay the VA funding fee throughout the life of the 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 and 2.3% for those who have taken VA loans before. Veterans can pay their fees with newly acquired cash from the loan.


To qualify for a VA refinance you must be an active-duty service member, honorably discharged veteran, or the spouse of a service member or veteran. Under certain circumstances, widows and widowers of veterans can also qualify for a VA refinance. Though the VA doesn’t require a specific credit score or debt-to-income ratio, the lender often has their own criteria since they are investing their money in the refinance. If one lender rejects you due to credit issues, however, you can apply through a different lender whose credit requirements might be lower. Lenders are also more likely to check credit scores for a cash-out loan than an IRRRL.


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, pressing bills, or emergency expenses. If you want to take advantage of your VA benefits 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. Contact us today if you have any questions about refinancing your VA loan! Our team of hardworking professionals will gladly help you.

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