What Is a Streamline Refinance Loan?
A streamline refinance loan is designed to replace your current government-backed mortgage to capitalize on a lower interest rate.
There are two primary types of streamline refinance loans:
FHA VA Streamline Refinance
FHA Streamline Refinance Loan
The FHA streamline refinance loan is tailored for individuals with existing FHA loans. It offers the opportunity to secure a lower interest rate with minimal paperwork and expedited closing times.
VA Streamline Refinance Loan
Also known as the Interest Rate Reduction Refinancing Loan (IRRRL), the VA streamline refinance loan is available to veterans with an existing VA home loan. It enables them to swiftly and effortlessly refinance to a lower interest rate with little to no out-of-pocket costs.