VA IRRRL loan program: good idea?

[Balog]

I've been bombarded with junk mail trying to get me to refi via this program. Never considered it before, but with another baby on the way a smaller monthly payment is appealing. A quick google shows it is an actual VA program, and I don't need to pay a funding fee since I'm officially gimpy ie receive disability compensation. So, any thoughts on if it's worthwhile to look into?

[Fitz]

I did a no fee VA refinance. Was quite easy and painless

That said, institutions vary. Do your homework when selecting a bank to do the program through

[dogmush]

I recently did a VA refi of my original (VA loan).  Smooth, painless and no fees for me either.  I would shop around institutions a little, because judging by my junk mail there's some crazy incentives from the VA to the Lenders.  They seem frantic to get these refi's.

FWIW I went with Quicken Loans because I already had history with them and their customer service was pretty good.

There's no real downside to the borrower on these.