Posted over 11 years ago

What you need to know about VA Streamline Refinance

VA mortgages have long been one of the most affordable ways for veterans to purchase or refinance a home. They typically have lower interest rates, require no money down, have flexible requirements and don’t require private mortgage insurance. Compared to other loan types, VA loans are typically a much more attractive option for veterans who qualify.

If you currently have a VA mortgage and are looking to refinance at today’s lower rates, an easy option is the VA Streamline Refinance. Also commonly known as the Interest Rate Reduction Refinance Loan (IRRRL), the VA Streamline Refinance allows you to refinance your current mortgage and take advantage of lower rates available today.

A few requirements are:

Must currently have a VA loan on the property you wish to refinance

Can only refinance the amount of the property (no cash-out refinance)

Must have previously or are currently using the property as your primary residence

Your monthly payment and interest rate must be lower than your previous loan's (unless going from an ARM to a fixed rate mortgage)

You must be current on your mortgage with no more than one 30-day late payment in the last year

Many times, VA loan closing costs can be included in the cost of the loan, so veterans do not have to pay any money out-of-pocket. You are also not required to deal with the same lender when applying for a VA Streamline Refinance, so shopping around for the best rate is a great idea. You can get today’s rates for a VA Streamline Refinance at Best Rate USA. With mortgage rates near a 22-month best, now is the time to start saving money on your monthly payment.

What you need to know about VA Streamline Refinance

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