The VA streamline refinance has been around for quite a few years – and it is a focused effort by the VA to help veterans secure the lowest fixed interest rate available.
The VA streamline is also known as the Interest Rate Reduction Refinance Loan (IRRRL).
The VA streamline is simply a way for people who are currently in a VA loan to lower their interest rate with very little or no out-of-pocket costs. The VA streamline refinance should be done with very little effort and can help veterans start saving immediately.
The VA streamline allows you to refinance your current mortgage to a lower interest rate when it is available and is only available to veterans who used their VA eligibility when initially purchasing their house.
“No Cost” VA Streamline loans let you refinance your mortgage with no out-of-pocket expenses. There are two different ways a lender can help you with a VA refinance. One is that you take a slightly higher interest rate and the lender picks up all costs. The other option is to get the lowest possible interest rate available and just roll in the leftover fees involved.
But either way, the VA streamline refinance program should help you save a significant amount of money on your VA loan — which is what it was intended for.
If you are veteran, now is a great time to see if the VA Streamline program can help you lower your monthly payments. Find a VA Streamline Expert now at 888.448.2669