Steps: confirm equity (higher LTV allowed), document income, keep DTI in range, present credit ~620+. FHA/VA streamlines simplify documentation for existing FHA/VA borrowers.
What to prepare
Have your mortgage statement and income docs ready. If you hold an FHA or VA loan, ask about the streamline — it can skip much of the paperwork and sometimes the appraisal.
Improving your outcome
Strong credit and lower LTV sharpen your rate. If you’re near 20% equity, timing the refinance to drop PMI can boost savings beyond the rate alone.
Frequently asked questions
What is an FHA streamline?
A simplified FHA refinance to lower your rate with reduced documentation and often no appraisal, for existing FHA borrowers.
What is a VA IRRRL?
The VA’s Interest Rate Reduction Refinance Loan — a fast, low-doc rate-and-term refinance for eligible veterans.
How long does it take?
Standard refinances run 30–45 days; streamlines are often faster.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.