conventional rate-and-term refinance Streamline Guide

The conventional Interest Rate Reduction Refinance Loan (rate-and-term refinance) is the fastest way to lower your conventional rate. No appraisal. No income verification. Minimal paperwork.

Who Qualifies

You must currently have a conventional loan, be current on payments (no 30-day lates in 12 months), and the refinance must lower your rate or convert from adjustable to fixed.

The Process

Apply → lock rate → close. That is essentially it. No appraisal ordered. No income docs needed. Most conventional rate-and-term refinances close in 15-21 days. Valley West handles everything.

Current rate-and-term refinance Rates

conventional rate-and-term refinance rates start at 5.500% as of April 2026 — potentially saving $200-$400/month if your current rate is 6.5%+. Check today's rate-and-term refinance rates →

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