If you are a qualified member of the military, and you want to lower your existing VA loan interest rate, you should consider a VA Streamline Refinance Mortgage loan. This loan can be structured so that you will have no closing costs to pay, and the processing time for the loan is relatively short because the VA waives many verification requirements.
The VA Streamline Refinance Mortgage is available for veterans who want to refinance their original VA mortgage loan, and have utilized their original eligibility.
There are no assumptions permitted with a VA Streamline Refinance Mortgage, and you cannot receive any cash back from the loan since the purpose is to obtain a lower interest rate than your existing VA loan carries.
No appraisal or proof of income need to be provided in order to qualify. The VA also does not require a credit report or termite inspection. Since these verifications are time consuming, your loan closing will be much faster than it would be with other loan types.
One important requirement is that you cannot have made any late payments over the last year. If you have any liens on the property they must be subordinated to the VA loan. Also, you will be required to show your insurance, picture identification and social security card.