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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
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Know the rates, know your options. Start building your homeownership plan today.
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Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
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Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
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Refinance Mortgage Calculator
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About
VA Streamline
<p class="MsoNormal">For owners who already have VA loans, this refinance keeps your approval process quick and easy.</p>
Benefits
Fewer Requirements for Approval
With a VA IRRRL, you can refinance your existing VA loan with fewer requirements compared to a traditional refinance.
No Appraisal Needed
You can refinance without a home appraisal, simplifying the process and saving you time and money.
Lower Fixed Interest Rate
VA IRRRLs often provide lower fixed interest rates, leading to reduced monthly payments and overall savings.
Roll Closing Costs into Loan
You can roll funding and closing costs into the new loan amount, avoiding upfront payments and easing immediate costs.
VA Streamline Refinance Information
<p>A VA Streamline Refinance (IRRRL) allows homeowners with a VA loan to refinance their existing loan to obtain better terms or lower their interest rate with minimal paperwork, no appraisal, and no home inspection required in most cases. This refinance option can significantly benefit those looking to improve their mortgage terms. To understand how a VA Streamline Refinance can fit into your financial plans, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
How Does a VA Streamline Refinance Work?
<p>Here's a simplified explanation:</p><ul><li>No appraisal required in most cases.</li><li>No home inspection necessary for properties where you already reside.</li><li>Minimal paperwork simplifies the process.</li><li>Flexibility with credit requirements, though standards may vary by lender.</li></ul>
Exploring Different Types of VA Streamline Refinance Loans
<p>The VA Streamline Refinance is available in two options:</p><ul><li>VA Streamline Refinance (IRRRL)</li><li>VA Standard Refinance</li></ul><p>The IRRRL option offers easier qualifying criteria without requiring a credit check or income verification, while the Standard Refinance requires stricter qualifications but provides similar benefits.</p>
Qualifying for a VA Streamline Refinance (IRRRL)
<p>To qualify, you must:</p><ul><li>Live in the home as your primary residence.</li><li>Have a VA loan that's at least 12 months old.</li><li>Have made 12 consecutive on-time payments on your existing loan.</li><li>Lower your monthly mortgage payment by at least $50.</li></ul><p>No appraisal or inspection is required unless a subsidy was received on a VA direct loan.</p>
Pros and Cons of a VA Streamline Refinance
<p>Understanding the advantages and disadvantages of a VA Streamline Refinance can help you make an informed decision about your mortgage options.</p>
Additional Pros
<ul><li>No home appraisal required in most cases</li><li>No home inspection necessary</li><li>Credit flexibility, with no strict minimum score required</li><li>Streamlined process with minimal paperwork</li><li>Potential to refinance up to 100% of your home's value</li></ul>
Cons to Consider
<ul><li>Only available for homes with existing VA loans</li><li>Limited to primary residences only</li><li>May have stricter credit requirements depending on the lender</li><li>Closing costs may apply, although they can be rolled into the loan</li><li>Limited to lowering interest rates or changing loan terms (no cash-out option)</li></ul>