Question:

With a VA streamline refinance do rates go down?

Answer:

The VA streamline refinance keeps rates down.

No matter if you are having good or bad credit, if you are a veteran holding a VA loan, make use of the VA streamline refinance to lower your mortgage monthly payment with up to $200. In fact, it is a requirement of the VA streamline refinance program that rates go down on the new VA loan. Also, you could skip 2 month's mortgage payment with the VA streamline refinance program.

Current VA loan rates are pretty low so it may be the right time for you to refinance. With the VA streamline refinance income and job verification are not required.

The VA IRRL (interest rate reduction loan) does not require that the VA mortgage is on an owner occupied property, but the owner needs to have had the VA mortgage for at least half a year to make use of the VA streamline refinance low rates.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage