USDA Streamline Refinances
- Only USDA homeowners eligible
- Less paperwork, faster closings
- No mortgage insurance
- Guarantee fees required
Conventional Refinances
- All homeowners eligible
- More paperwork, slower closings
- No mortgage insurance with 20% equity
- No guarantee fees
FHA Streamline Refinances
- Only FHA homeowners eligible
- Less paperwork, faster closings
- Mortgage insurance required
- No guarantee fees
Save with an Adjustable Rate
You may qualify to refinance your home with an adjustable-rate mortgage that has a lower starting rate compared to a 30-year, fixed-rate loan. Ask us what interest rate we may be able to offer you.
How Much Can You Save?
Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!
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Based on the values you entered, refinancing might save you
$ a month*
Take the Next Step
- Learn more about refinancing
- Learn more about applying for a mortgage
Explore the USDA Streamline Refinance Process
See If You're Eligible
You'll need to be a USDA homeowner to be eligible for a USDA streamline refinance. You'll often need to benefit from refinancing, too—typically, by lowering your mortgage rate and payment. Ask us if a USDA streamline can help you.
Apply for a Streamline
There's no home appraisal when you apply for USDA streamline refinancing. That makes lowering your rate and payment easier.
Get Approved Faster
Once your application has been completed, you'll need to meet the loan requirements and our financial standards to get approved.
Enjoy a Lower Rate
Once you've been approved, you'll need to close your loan to lower your rate. You'll need to pay a guarantee fee and other closing costs to get your streamline refinance. You can often add these costs to your loan so you don't need to pay them in cash.
USDA Streamline Refinance FAQs
Find answers to common questions homeowners ask when they’re thinking about USDA refinancing.
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The United States Department of Agriculture implemented the streamline program to help USDA homeowners refinance their USDA loans more easily.
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USDA streamline refinance guidelines include having an existing USDA loan, living in the home, and benefitting from the refinance—often, by lowering your monthly payment.
You’ll need to show a history of on-time payments and meet the income requirements. You’ll need to pay the upfront guarantee fee, and you’ll probably pay other closing costs.
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You'll pay an upfront guarantee fee that’s equal to 1% of the loan amount when you get a USDA streamline refinance. This guarantee fee is a type of mortgage insurance that comes with USDA loans. You may also pay closing costs like lender fees, discount points, property taxes, and homeowners insurance premiums.
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The USDA rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, the current mortgage market, and other factors.
We may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what USDA streamline rate we can offer you by calling 877-220-5533.
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Start refinancing your USDA loan in minutes by filling out this form. We’ll help you apply and work with you to make refinancing your home easier.
