what the difference between refi and streamline?

What is the reason you want to refinance? The interest rates are still a little lower than where you are at, but the monthly savings you'd gain would be negligible due to your relatively low outstanding loan balance. Unless you want to drop your term to a 15 year loan, or take some cash out, it's likely not worth your time to refi at this point. A streamline refinance (which is called an "Interest Rate Reduction Loan, or IRRL for VA loans) just means that it's an easier, streamlined underwriting approval process compared to a standard refinance transaction.

Both are refinance transactions, but a streamline has lower documentation requirements than a regular refi.. For VA, they call it the Interest Rate Reduction Refinance Loan (IRRRL)... typically, an appraisal is not required and you wont need to show tax returns, w2's or pay stubs.. Understand that this is VA's requirements.. but VA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes have their own overlays that could require an appraisal or pay stubs etc.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

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A regular refinance is full credit and income qualifying along with needing to get an appraisal. A streamline refi typically doesn't need an appraisal done nor do we need to qualify based on income

what rate are you considering refinancing into ?? what are fees/ costs involved ?? what is the potential payment savings ?? factor this things into you decision making process