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Mortgage

Streamline refinancing allows you to secure a lower interest rate on your existing Federal Housing Administration (FHA) or Veterans Affairs (VA) loan.

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What Is a Streamline Refinance Loan?

A streamline refinance loan replaces your current government-backed mortgage to take advantage of a lower interest rate.

There are two types of streamline refinance loans:

FHA Streamline Refinance Loan

An FHA streamline refinance loan is a mortgage refinance option for people with existing FHA loans. You can use an FHA streamline refinance loan to get a lower interest rate with less paperwork and faster closing times.

VA Streamline Refinance Loan

A VA refinance loan, also known as an Interest Rate Reduction Refinancing Loan (IRRRL), allows veterans with an existing VA home loan to quickly and easily refinance to a lower interest rate with little to no out-of-pocket costs.

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Why Consider Streamline Refinancing With Midland States Bank?

Midland States Bank makes the streamline refinancing process quick and easy. When you refinance your loan with us, you'll get:

  • Convenient application options: You can apply online or get help from one of our refinancing specialists.
  • Competitive rates: We help you secure a lower interest rate than your current one.
  • Expert assistance: Our loan experts work closely with you throughout the entire process.
  • Outstanding customer service: We understand your needs and put our hearts into helping you find the best mortgage option.

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Benefits of a Streamline Refinance Loan

If you want to lower your monthly mortgage payments quickly with less paperwork and often without an appraisal, a Streamline loan may be an excellent option. At Midland States Bank, we offer several types of home refinancing solutions:

 

icon of a dollar sign in a box and and arrow pointing downLower monthly payments.

Make your monthly payments more affordable by refinancing to a lower interest rate.

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icon of a clock and an arrow pointing toward a dollar signQuick process.

Streamline refinance programs save you time on the refinancing process.

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an icon of a house with a dollar sign above itMore flexibility.

With a streamline refinance loan, you can refinance even when you owe more than your home is worth.

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Streamline Refinancing FAQs

If you have a current FHA or VA loan, you are eligible for streamline refinancing. Most streamline refinance loans do not require a credit check or income verification for approval, but you must reside in the house you're trying to refinance to qualify.

On average, it takes 30 to 45 days to complete the streamline refinance process. The specific length depends on your lender and loan terms.

Because the process is streamlined, it requires less documentation than a conventional refinance. You may have to provide:

  • Mortgage statements showing a history of on-time payments.
  • Employer information to verify employment status.
  • Bank statements.
  • Bills addressed to you at the relevant property address to verify your residence.
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Midland States Bank Is Your Trusted Refinancing Company

At Midland States Bank, we offer a diversified range of financial services. We have years of mortgage expertise and have helped hundreds of clients refinance their loans to lower interest rates. Homebuyers in Illinois and Missouri trust us with all their mortgage needs.

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Take the Next Step

If you're ready to refinance, apply online today. Our simple process takes just minutes to complete. If you have questions or need assistance, contact one of our mortgage experts.

 

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