VA Refi?

[Bailey Guns]

You don't need 20% equity. If you can beat the rate, do a VA IRRRL (Interest Rate Reduction Refinance Loan). Also called a streamline refi. The VA doesn't require an appraisal, income verification or many other things they would require for a new loan (though the particular lender/underwriter may require these things). Pretty much any lender can do an IRRRL. You still have to pay another funding fee (unless you're in one of the exempt categories...ie: disabled, etc...). So do the math to see how long it will take you to recoup the costs of the loan at the new rate/payment to help decide if it's worth it.

Like anything, shop around for the best rate and costs as they vary wildly. A rule of thumb...look at the difference between the interest rate and the APR. The higher the difference the more you're going to pay in fees. Not a scientific method but, like I said, a quick and dirty way to estimate how much the loan is going to cost you.

VA IRRRL