A VA IRRRL, or streamline refinance, lets current VA mortgage loan holders quickly refinance their loans. It allows you to refinance into a potentially lower interest rate with lower monthly payments.
You can also use an IRRRL to change from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. The process also lets you change your loan terms, such as switching from a 15-year mortgage to a 30-year mortgage.