Yes, USDA loans can be used to refinance an existing mortgage through the USDA’s Streamlined Refinancing Program, which offers reduced documentation requirements and can help lower your interest rate or adjust your loan term.
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Key Benefits of USDA Refinancing
- Reduced Documentation: The streamlined process requires fewer documents than a new loan application
- Lower Interest Rates: Opportunity to secure more favorable rates in a better rate environment
- Adjusted Loan Terms: Flexibility to modify your repayment timeline to better suit your financial situation
- No New Home Appraisal: In many cases, you can skip the appraisal process, saving time and money
- Lower Closing Costs: Typically features reduced fees compared to traditional refinancing
Potential Savings and Benefits
Refinancing through the USDA program can provide significant financial advantages:
- Interest Savings: Even a 1% rate reduction can save thousands over the life of your loan
- Payment Reduction: Lower monthly payments improve cash flow and budget flexibility
- Term Adjustment: Option to shorten loan term to build equity faster or extend it to lower payments
- No Maximum Loan Amount: Loan can include the principal balance, eligible closing costs, and guarantee fee
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