VA Home Loan Refinance

VA Home Loan Refinance - Since the end of World War II, over 14 million veterans and active duty personnel have utilized a VA loan to purchase a home.

As with conventional mortgages, VA home loans are often refinanced to take advantage of a lower interest rate, to adjust the loan term, or exercise a cash-out refinancing option. Whether your current mortgage is a VA Loan, conventional loan, or sub-prime mortgage, you may qualify for a VA Home Refinance.

A VA Home Refinance offers attractive benefits to borrowers, including:

  • No PMI

  • No prepayment penalties

  • Relaxed credit and income verification guidelines

  • No funding fees for disabled veterans

  • Cash-out refinance up to 90% loan to value (conventional refinances are typically only 75%)

  • Cash Out Refinance Mortgage

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  • Ability to roll VA funding fees into the refinanced amount

  • Limitations on closing costs
Popular loan options for a VA Refinance include the VA Streamline Refinance and the VA Cash Out Refinance.
  • A VA Streamline Refinance is available to veterans and active duty military members who currently have a VA loan. Also called an Interest Rate Reduction Refinance Loan or IRRRL, the VA Streamline Refinance is a fast, easy process for reducing the interest rate you are currently paying on your home loan.

  • With a VA Cash Out Refinance, you may be eligible to borrow up to 90% loan to value and use the additional funds to pay off high interest debt, fund tuition, or pay for home improvement projects.
Although the VA guarantees part of your loan for the mortgage company, each lending institution will have its own specific requirements, fees, and interest rate, so it's strongly advised that veterans contact several lenders before making a final decision.

While a drop in interest rates can present exciting opportunities for a VA Home Loan Refinance, refinancing your loan is not always in your best interests if you don't plan on owning your home long enough to recoup closing costs and associated fees. Before entering into a refinance loan, make sure the loan meets your personal financial situation and long-term goals.

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