VA Streamline Refi

"VA streamline refi", "VA Streamline", or "VA to VA loan" is actully the IRRRL which stands for Interest Rate Reduction Refinancing Loan. When refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate.  When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

 

Best part of the VA streamline refi is that there is no appraisal or credit underwriting package is required by VA. Just be aware that lenders may have overlays that require an appraisal and credit report anyway.

 

Since you have already proven your eligablity, a certificate of eligibility is not required.  Helping to make the process easy, your VA lender may use our e-mail confirmation procedure for VA streamline refis in lieu of a certificate of eligibility.

 

An VA streamline refi OR IRRRL may be done with "no money out of pocket" by including all costs in the new mortgage loan or by making the new mortgage loan at an interest rate high enough to enable the lender to pay the costs.  (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).

 

No VA lender is required to make you a VA streamline refi / IRRRL, however, any lender of your choice may process your application for an IRRRL / VA streamline refi.  You do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan. You are able to go to any VA mortgage lender.