VA Streamline Refinance

VA Streamline (IRRL) Refinance

Homeowners who have already used the Veterans Administration's VA Loan to purchase a home can lower their monthly mortgage payment and interest rate with the VA Streamline Refinance.

VA Streamline refinancing requires little paperwork and can be processed quickly.

Current VA Streamline Refinance Rates

VA IRRRL rates change daily based on market conditions. However since the Covid-19 Pandemic, rates have been at an all time low.  You can check our VA Streamline Refinance Page and get current interest rates.   Everyone's scenario is different to quote one specific rate and it wouldn't be fair to our readers to list the best possible rate that a perfect client could get in this article.  Definitely check out the VA Streamline Refinance page for accurate and up to date rate information.  

VA Streamline Refinance Home Loan Benefits

With an IRRRL, there are a number of perks associated with it, such as you're required to pay little to no out-of-pocket costs and an appraisal is normally not necessary.

Some homeowners may choose to roll the closing costs and fees into their loan balance in order to avoid paying upfront.

Today, lending rates are at competitive levels and a household could potentially save tens of thousands if they were to reduce the interest rate by as little as half a percent.

Let’s look at a quick example using the same loan terms (30-years, fixed-rate) with three different interest rates. 

Example: Monthly Estimated Principle & Interest Payment Total Estimated Payments Over 30 Years

Loan Amount

Interest Rate

P and I Payment

30 Year Totals













The interest rates and savings shown in this table are for illustrative purposes only. Interest rates may vary based on several factors, including your credit history and the loan term that you choose.  However, you can see that going from a rate of 5.5% to a rate of 2.75% could save you over $280,000.  A VA Streamline Refinance is definitely worth your time.  

VA Streamline Refinance Requirements

To be eligible for a VA Streamline refinance, the property must currently already have VA financing. The IRRRL is not available to veterans with non-VA loans.

Lenders may also have guidelines and requirements about your mortgage, including information about how long you’ve had it, how many payments you’ve made so far, and the number of months until the new loan would pay for itself.

Specific rules and policies for credit scores, appraisals, loan-to-value ratio and more vary by lender.

The IRRRL requires only the previous ownership and occupancy of a property. You don't need to intend it as your primary residence.

In addition, borrowers are not permitted to extract cash from their equity by refinancing with an IRRRL. Allowing them to do so would violate the terms of the VA loan agreement and only qualify for a normal refinance; the VA has its own specific loan product that is designed for this purpose.

VA Streamline Refinance and the VA Funding Fee

The good news is the VA Funding Fee on an IRRRL ( interest rate reduction refinance loan) are lower than those for typical VA purchase loans. Veterans who earn compensation for a service-related disability and qualified surviving spouses are exempt from the funding fee.

Refinancing may result in higher finance charges over the life of the loan.

Getting started on a VA Streamline refinance is easy.  In most instances, there is no need for an appraisal.  There are no out-of-pocket costs and to maximize your savings you should definitely use a Mortgage Broker to make sure you get the best deal.  Check out our video on why using a Mortgage Broker for your VA Streamline Refinance is cheaper!

The experts at LTI Mortgage are ready to help you with refinancing. Get started today

No Credit Check Required, Just Click The Refinance Button Below.

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VA Streamline Broker Video

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About the Author

Micheal Price has more that 15 Years in the Mortgage Industry. He's held positions from Senior Loan Officer to Company President. He's always on the cutting edge of technology and bringing you the best mortgage strategies possible.

Micheal Price

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