There is an easy way to refinance a VA loan. It’s often referred to as the VA Streamline Refinance. The technical or official name of the program is the Interest Rate Reduction Refinance Loan (IRRRL).
The VA Streamline is easy because it waives the typical verifications common to most loan programs for a refinance. This includes income and debts, history or employment, and yes, there is no credit report!
The Veterans Administration relies upon your mortgage payment history to determine your eligibility. If you’ve paid your mortgage as scheduled for the last 12 months, and you can reduce your current mortgage payment by refinancing, it is probable that you will qualify for the VA Streamline Refinance, or if you prefer to call it by it’s technical name, the VA IRRRL.
Because VA mortgage interest rates often are lower than conventional mortgage rates, reducing your monthly payment may be easier than you think. If your current VA mortgage is 5% or higher, it is time to consider that refinance.