VA Streamline Refinance
Interest Rate Reduction Refinancing Loans (IRRRLs)
A VA Streamline Refinance is a great way to save money. You can lower your existing VA rate and save money with little or no closing costs. Typically if you can lower your interest rate 1/2% or more it will make financial sense.
The term Streamline implies no appraisal or income required.
After we payoff your existing lender you will receive a refund from your tax and insurance escrow account because we will establish a new escrow account to take care of the tax and insurance payments when they come due. You may also have the option of financing one or two mortgage payments into your new loan by adding those payments to your new loan.
Freeing up some short term capital is another advantage of the VA Streamline Refinance in addition to saving money every month by lowering your interest rate.