VA Home Loan Refinancing
The Benefits of Refinancing With a VA Home Loan
VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Refinance Loan (IRRRL); the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.
Types of VA Loan Refinancing
Cash Out Refinancing
Refinancing your VA mortgage to take equity out of your home and create a new loan program. This option is great if you are looking to re-invest the cash or use it for emergency purposes or pay off any outstanding debts.
Cash out refinancing allows you to enhance the quality of your home and life by helping pay for college expenses, unforscene medical costs, pay off high interest debt, or purchase a second home.
VA Interest Rate Reduction
Receiving a mortgage with a lower interest rate allows for more expendable monthly income that doesn’t need to be allocated towards your monthly mortgage payments. VA loans have some of the lowest interest rates available.
Do I Qualify for a VA Refinance?
The qualification for refinancing are similar to taking out your original loan. If you have been on duty for 90 days in wartime or 180 days in peacetime you can qualify for a VA refinance loan. If you want to know if you qualify reach out to one of our VA Educators today.