The rate on the new loan must be lower than the IR on the current loan. The exception to here's where an ARM ( Variable Rate mortgage ) is being refinanced to a standard rate mortgage.
This is the sole eventuality where the IR is permitted to be higher on the new loan. Qualifying for an IRRRL ( Streamline ) is comparatively easy.
With a VA Streamline you don't now need to be living in the home. You don't have to do your IRRRL thru the Finance Establishment now holding your VA Mortgage. You also know that FHA Streamline Programme is less expensive and faster than other remortgage or refinance programs. FHA streamlines your remortgage or refinance so they cut back on forms and underwriting. You can only streamline remortgage or refinance FHA loans. But you CAN remortgage or refinance an FHA mortgage on a property thats no longer your first residence. ) three. If you have determined you need to remortgage or refinance and already have an FHA-insured house loan, you are in a strong position, particularly if your situation have changed for the worse and now you've got bad credit. So far as Vets Suitability goes, the same certificate of suitability that's on the present VA mortgage is employed on the streamline and can be substantiated online by the Bank handling the loan. But there are 2 chances where the borrower can finish up with some additional cash as well as the advantage of a low interest rate. Just make absolutely certain you are handling a Bank and a Loan Officer who's competent in helping Vets with VA Loans, IRRRLs and Refinances.