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Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.

How can I lower my mortgage payment with a VA streamline loan?

Many VA borrowers like what they hear about the VA streamline refinance program and want to know more. If you don't need cash out and simply want to lower your monthly mortgage payment with a lower interest rate, or if you'd like to shorten your loan term, a VA streamline may be the way to go. Interest Rate Reduction Refinance Loan, or IRRRL, is another name for the Streamline program. This type of refinance is a simple way for a borrower with an existing VA loan to get a lower interest rate with little or no money out of pocket. Streamlines are for those looking to refinance from one VA home loan to a new VA loan and are typically faster and may require less documentation than other refinance methods. Mortgage payment history is an important factor that lenders look at when determining if you qualify. Another nice thing about VA streamlines is that they have a low VA funding fee of usually just .5%. These fees as well as closing costs can normally be included in the loan.

For quick information about how easy the VA Streamline program can be and what it can do for you, ask a VA mortgage professional.

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