The VA offers a streamlined program called Interest Rate Reduction Refinance Loan (IRRRL). These are made to refinance an existing VA guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan. Generally these loans are faster since no appraisal or credit information is required. You can get VA refinance mortgage quotes online or by phone today.
Basic Guidelines for a VA Streamline Refinance:
The loan to be refinanced must be an existing VA-guaranteed mortgage
Existing mortgage may not be delinquent
The rate must be lower than the existing VA loan (unless it is an ARM)
The monthly mortgage payment must be lower than the existing VA loan (unless an ARM is being refinanced or the term is shortened.
No cash out is allowed on a streamline refinance
VA refinancing with "no money out of pocket" may be an option since most closing costs may be included in the loan amount. Ask your loanDepot mortgage banker.
loanDepot’s easy-to-use calculator puts you in charge of estimating your mortgage payment.