This refinance type is relatively easy and can be done quickly. Because borrowers are refinancing from one VA Loan product to another, there are several advantages. No re-appraisal for most instances, no need to obtain another Certificate of Eligibility, and no requirement for out-of-pocket costs are a few.
Borrowers can avoid paying any money down if they choose to roll the closings costs and fees into the balance of the loan.
There are only a few requirements and stipulations. The borrower is not allowed to receive any cash back from the Streamline refinance and the borrower must certify that he or she currently or has previously occupied the property.
|Amount Paid In Interest||Total Savings over 30 years|
|150K 0.5% lower interest||$19,033.75|
|150K 1% lower interest||$32,696.48|
|250K 0.5% lower interest||$31,254.16|
|250K 1% lower interest||$54,494.12|