What you need to know about VA refinance options
VA mortgages are one of the most attractive home financing options out there, giving those who qualify incredible benefits (including $0 down for home purchases). Veterans and service members can refinance their home with one of these two types of VA refinance options:
Interest Rate Reduction Refinance Loan (IRRRL)
The VA IRRRL, also called the streamline refinance, can allow qualifying homeowners to refinance up to the balance owed on the home, plus allowable expenses. This often results in a lower interest rate and monthly mortgage payment. The IRRRL process requires minimal documentation.
VA Cash-Out Refinance
This loan option is ideal for qualifying homeowners who want to turn their home equity into cash. The loan can be used for cash at closing, to pay off debt, home improvements, paying off liens and more. It can also be used to refinance a non-VA Loan into a VA Loan – and VA will guarantee loans up to 100 percent of the value of your home.
Reasons to Refinance
Obtain a lower interest rate and monthly mortgage payment
Benefit from a streamline mortgage process
The VA requires no extensive credit checks or appraisals
Take advantage of your home equity and take cash out
