Actually the IRRRL approval process is pretty much the same as for a conventional mortgage. You apply, and then there is a small mountain of documents the Loan Officer will accumulate from you including the Certificate of Eligibility (COE). Behind the scenes there will be an appraisal which is one of the things you may have to pay for out of your pocket.
The lender will also “run your credit” and match your monthly obligations to your income. The loan processor will match all of your information to the required eligibility qualifications of the lender, making certain that everything is as spic and span as an Inspector General inspection of you or your unit each year (remember those?).
Every little fly spec about you, your house, your debts, your credit history, and your income will be put under a microscope and matched to an elaborate set of guidelines. If it all works according to plan, the lender will receive its order to “fire for effect!” That means your loan will be “cleared to close.”
At that moment the money is ordered, the documents are printed, and everything is scheduled for closing. At closing, the money goes to the seller, the title goes to you, the note goes to the lender, and you get the keys to the place you’ll call home.