Refinance (Rate & Terms)

Rate & Term Refinance

A rate and term refinance is a vehicle which allows you to better the terms on your mortgage. It does not allow you to pull and cashout, but qualify homeowners can lower their rate, reduce their loan term or reduce their monthly payment when market conditions permit.

Streamline Refinances

If you have an existing FHA or VA loan, a streamline refinance that allows you to take advantage of lower rates (when available) through a streamlined process. This simplified loan is for VA to VA refinances or FHA to FHA refinances only.

The occupancy requirement for a VA streamline (know as an IRRRL) is different from other VA loans. When you originally got your VA loan, you certified that you occupied or intended to occupy the home. For an IRRRL you need only certify that you previously occupied it.

The loan may not exceed the sum of the outstanding balance on the existing VA loan, plus allowable fees and closing costs, including funding fee and up to 2 discount points.

Some Veterans use a VA IRRRL to reduce their loan term from 30 years to 15 years, however, this may result in a higher monthly payment even with a reduced interest rate.

To apply for a refinance or to find out more about whether you qualify, call one of our Home Loan Specialists at (208) 388-0500 or click below to get started online.