The FHA Streamline Refinance If you currently have an FHA mortgage, the FHA Streamline Refinance is the easiest way to get a lower rate and monthly payment. The FHA Streamline is a “low-doc” refinance with li
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The VA Streamline refinance can be incredibly beneficial for those looking to lower their interest rate or monthly payment. However, like with all mortgage products, there are advantages and disadvantages to the IRRRL. Pros of VA Streamline Refinance Lower interest rate: The most common reason homeo...
The same basic rules apply. Your refinance must result in a lower interest rate, or you must switch from an ARM to a fixed-rate mortgage, and no cash out is permitted. The VA does not require an appraisal or a creditunderwritingpackage, and you have the option of rolling the refinance ...
Then, if the streamline refinance willre-extend the loan term (or won't shorten it by more than three years), the combined rate comparison is such: For a fixed-rate to fixed-rate refinance, the new combined rate must be at least 0.5 percentage points below the existing combined rate, or...